Supermarkets Could Face Hike In Business Rates

Supermarkets Could Face Hike In Business Rates

Rachel Reeves is plotting a £1.7bn tax raid in the autumn, which retailers have warned will accelerate the decline of high streets. The Chancellor will reportedly use her next Budget to increase business rates for department stores and supermarkets as (more…) The post Supermarkets Could Face Hike In Business Rates appeared first on KamCity.

M&S leads retail backlash against £1.7bn business rate hike as it warns of store closures

Marks and Spencer (M&S) is spearheading industry opposition to Rachel Reeves’ planned overhaul of business rates, warning it could force store closures and drive up prices across the grocery sector.…

Reeves eyes business rates rise for supermarkets and department stores

Chancellor Rachel Reeves is reportedly considering increasing business rates for department stores and supermarkets as she looks to raise £1.7bn from businesses this autumn, according to The Telegraph. The outlet revealed that the chancellor is looking to plug the £5bn hole left after the government was forced to abandon cuts on benefits and winter fuel payments for the elderly. While the Treasury is said to have not yet decided on the new rates…

M&S warns of store closures as Reeves targets larger stores in tax raid - Retail Gazette

M&S has warned that it could be forced to close several of its stores as Chancellor Rachel Reeves plans to increase business rates on larger properties. Reeves will use her next Budget in the Autumn to increase property taxes for department stores and supermarkets. The government’s reform of the business rates system coming into effect in April next year will impact larger stores valued over £500,000, while smaller properties will have their rat…