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4 Mar 2024

The British Book Awards has announced its shortlist for Independent Bookshop of the Year. 

4 Mar 2024

The ACT is happy to confirm the date for Local Bike Shop Day 2024 as Saturday 4 May, the weekend of the early May Bank Holiday.

4 Mar 2024

Research by global fintech company SumUp has revealed the best cities in the UK for independent businesses.

21 Feb 2024

The latest quarterly State of the Industry survey from the National Hair & Beauty Federation (NHBF) shows that the recovery of the sector was slow and steady through 2023 and into January...

21 Feb 2024

The UK has voted for its favourite pun-based shop name, and 'Sew It Seams' - a clothing alteration store in Belfast - has been awarded the top spot. 

21 Feb 2024

Businesses in the Devon town of Ottery St Mary have praised their local council for initiatives designed to help support them and boost trade.

19 Feb 2024

A new ranking of the most popular independent coffee shops in the world has put three UK cafes in the top 10.

19 Feb 2024

Older people could be the financial shot in the arm needed for Britain’s high street, according to research commissioned by the University of Stirling. 

8 Feb 2024

The ACS (the Association of Convenience Stores) has celebrated the crucial role that rural shops play in thousands of communities across the UK in its 2024 Rural Shop Report.

8 Feb 2024

New research reveals that Apple Pay and contactless payments have overtaken cash payments by a landslide as our favourite ways to pay in-store.

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Lib Dems call for new "commercial landowner levy" to replace business rates

Posted on in Business News , Cycles News , Creative News, Outdoor News, Political News

Sir Vince Cable, leader of the Liberal Democrats, has called for a new "commercial landowner levy" to replace the UK's business rates system.

At the moment, the £30 billion business rates system is calculated every five years according to shop rental values, a multiplier that rises annually in line with Consumer Price Index inflation. This levy is paid for by tenants, rather than landowners.

Under the proposal, buildings and utilities would be excluded from calculations, and only the land value of a commercial site would be subject to tax.

A joint report from Lib Dem advisers and economist Adam Corlett is due to be published later this month that claims businesses in 92% of local authorities would pay lower business taxes as a result of this proposed commercial landowner levy.

In the report, the Lib Dems argue that the rates should be paid for by land owners, and not the tenant, "sparing over half a million SMEs the bureaucratic burden of property taxation".

Crucially, businesses in the most deprived areas of the UK would see the biggest fall in their bills, but expensive areas such as central London would see a small increase.

Commenting on the proposals, Cable said "Business rates were a badly designed policy to begin with, and have become an unacceptable drag on our economy. They are a tax on productive investment at a time of chronically weak productivity growth, and a burden on high streets adapting to the rise of online retail."

"By only taxing land and not the productive capital above it, this reform would remove a major disincentive to investment, boosting productivity and contributing to a necessary revival in UK industry.

"While separate action is needed to ensure online retailers pay their fair share of corporation tax, our proposals would offer a lifeline to struggling high streets."

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