Government to hike business taxes on local firms at time of recession
Average business rates bill in Vale Royal may hit £10,416 thanks to Gordon Brown
Labour Ministers in
The Government is introducing a new law - the Business Rates Supplements Bill - which will allow town halls to increase business rates on local firms by leaving a ‘supplementary’ rate on top of current bills (this will be up to 2p per £1 of rateable value, equivalent to a 4.3% increase). This comes at a time that business rates are already due to rise by a painful 5% in April.
· There are 3592 premises in Vale Royal which currently pay business rates. The average bill in Vale Royal in 2008-09 was £9552, raising a total of £34.3 million a year in tax in total from local firms, which is handed over to
· Due to the impending 5% rise, business rate bills in Vale Royal will hit an average of £10,030 from April. If a supplementary business rate were imposed on top, this could push the average bill on local firms to a record £10,461 a year.
· Supplementary business rates are likely to be used to fund local authorities’ current expenditure, rather than new infrastructure. Councils will be pressured into levying supplementary business rates to make up for funding pressures. Firms will not be given a proper vote on whether or not they support the new charge. According to the Government, supplementary business rates could increase taxes by up to £600 million a year if levied by every local authority.
· There will also be a business rates revaluation in 2010, which may increase the bills even more for many firms – especially shops, since retail property rents have risen sharply in recent years. Higher rateable values will worsen the impact of supplementary rates.
Cllr Graham Evans said: “I fear that supplementary business rates will be yet another backdoor way for Gordon Brown to hike taxes by stealth. At a time when local firms are struggling for their very survival, even higher business rates are a kick in the teeth from the Labour Government.”
JANUARY 2009
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