Big online outlets benefit from business rates, a tax based on the size of a firm’s stores. The levy hits physical shops harder and the edge given to online rivals has been blamed for the slow death of town centres around the country.
Rachel Reeves, who will unveil her maiden Budget next week, is thought to be considering a wider review of Britain’s patchwork of complex property taxes, with an increase in business rates for internet shops being one possibility, although any tax rise could hit online prices. The British Retail Consortium, the industry’s trade body, welcomed the idea of reform but cautioned against the notion of simply punishing online players.
Tom Ironside, director of business and regulation at the BRC, said: “It is clear that the retail industry is paying far more than its fair share of tax, paying 7.4 per cent of all business taxes, a share 1.5 times greater than its share of the overall economy.
This story is from the October 24, 2024 edition of The Independent.
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This story is from the October 24, 2024 edition of The Independent.
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