Businesses in Stoke-on-Trent and Staffordshire are encouraged to share their views on business rate reform as part of a government initiative which aims to protect the high street, encourage investment and create a fairer system.
Areas for reform include: permanent rate reduction for key sectors such as retail, hospitality and leisure; adjusted business rates multipliers for properties with a rateable value of £500,000 and above, including large distribution warehouses; and interim relief measures in the 2025-26 fiscal year for eligible retail, hospitality and leisure businesses.
The ‘Transforming Business Rates’ discussion paper outlines the proposals and invites stakeholders to share their views to refine and implement the reforms.
In his introduction to the paper, James Murray MP, Exchequer Secretary to the Treasury, said: “The government is reforming Britain’s economy to bring about a decade of renewal. Over the course of this Parliament, we will create a fairer business rates system that protects the high street, supports investment and is fit for the 21st century.”
Stakeholders, including businesses, local authorities and industry representatives, are encouraged to participate in the consultation process by providing written feedback by the end of March.
The government is particularly interested in receiving feedback on improvement relief and empty property relief, the relative importance of business rates when making investment decisions and the impact of losing small business rates relief (SBRR) on expansion to a second property
Declan Riddell, Policy Adviser at Staffordshire Chambers of Commerce, said: “As a Chamber, we continue to call for reform of the business rates system, creating more of a level playing field. We would encourage the business community to share their views on how a reformed business rates system should look.”
For more information on the government’s priority areas for reform of the business rates system, click here.
