The Conservative Party manifesto outlined an ambitious plan to cut the burden of tax on business by reducing business rates. This will be done via a fundamental review of the system and by reducing business rates for retail businesses, as well as extending the discount to grassroots music venues, small cinemas and pubs.
With only a few weeks to go until the Budget, Richard said: "I hope the Chancellor will rethink business rates as part of its renewed focus on town centres. Retailers in towns such as Biggleswade and Sandy do a great job serving local residents but face an unfair imbalance in taxes compared with online giants such as Amazon.
Some time ago, I calculated that Amazon paid rates that were 1/16th per square foot of those paid by a town centre retailer. That needs to change.
I applaud this Government for standing firm on a new tax on tech giants which will go some of the way to achieve a rebalance, but we should now go further to provide a significant tax reduction to businesses – retail and others – that are the heartbeat of our town centres."
