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Chancellor mulls rates cut for indies

The chancellor is reported to be considering a £1.4bn tax cut for small businesses in next week’s Budget, in a bid to ease pressure on the high street.

Philip Hammond is considering raising the £12,000 threshold at which retailers start paying business rates to £20,000, The Sun reports.

The new base rate would take an extra 234,226 companies out of business rates altogether.

 

Readers' comments (2)

  • Eric Musgrave

    If this story is true, (and that is a big if) credit is due to bira (British Independent Retailers Association), which proposed just this strategy in its rates manifesto, launched at the House of Commons on 11 September. An adjustment in the rates relief system would bring instant benefit to many small independent businesses that have to carry a totally ridiculous and unfair burden from business rates at present. Somewhat belatedly, more and more MPs are waking up to the idea that high streets are worth supporting because of the benefits they bring to their constituencies and communities.

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  • Not totally convinced this will happen. Mainly for the reason that the offer will not be enough to make a tangible difference, so therefore is it worth giving? That is not to say that £20K threshold would not be welcome - it would - but the 'High Street' in the 'Traditional' sense is finished in its current form and will naturally evolve into something else with clothing stores being a very limited part of it. The simple reason being that the kids want convenience and that doesn't involve getting out of an armchair and buying in a store, when they can do all their shopping with an electrical device.

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