Rates shrink: Businesses face ‘skyrocketing’ bill in April as property tax freeze expires
Thousands of pubs, cafes and small shops will close unless the Chancellor announces support for business rates in the Autumn Statement, a leading industry body has warned.
Businesses will face an exorbitant bill in April when the property tax freeze expires, the Federation of Small Businesses (FSB) said.
It came as a coalition of business groups representing the hospitality, retail and leisure sectors also called for a freeze and extension of existing tax reliefs they enjoy.
The 75 per cent discount on business rates for retail, leisure and hospitality businesses ends on March 31.
They said the retail and hospitality sectors face a combined bill of £2bn if rates are not frozen and tax breaks are not extended.
Allowing rate increases to go ahead threatens the future of town centres, say organizations including UK Hospitality, the British Retail Consortium and the Association of Convenience Stores.
