Conservative Party Business Rates Announcement
Posted on in Business News , Cycles News
A recent story posted by a member of the Independent Retailers Confederation (IRC), ACS, outlines the Conservative Party's new package of measures that, if elected on 12th December, they will implement to support towns across the UK. The party proposes to provide a business rates discount for retailers. The proposals would mean that for businesses with a rateable value of less than £51,000, the retail discount would increase from 33% to 50% in 2020/21.
ACS' Local Shop Report 2019 found that the convenience sector contributes £308 million in business rates, meaning that an increase in the discount for stores with a rateable value of less than £51,000 could save the sector over £30 million in 2020.
The Conservative Party has estimated that the discount would effectively cut tax by £280 million for the small business sector. The Conservative Party has also proposed to support community groups to buy local Post Offices and pubs through £150 million funding.
The full Conservative Party's announcement can be found here.