Ellie Ames 09 April 2024

Lib Dems pledge to scrap business rates

Lib Dems pledge to scrap business rates image
Image: eyematter / Shutterstock.com

The Liberal Democrats would deliver tax reforms to ‘revive struggling high streets’, leader Ed Davey will announce today.

Under the proposals, business rates would be replaced with a new commercial landowner levy, with local authorities still able to keep 50% of tax returns from businesses.

The Lib Dems said the reforms would ‘slash the burden’ on struggling high street shop owners, and ensure landowners ‘pay their fair share’.

The new levy would be based on the land value of commercial sites, with the tax increase for landowners phased in over four years.

Mr Davey said: ‘High streets are the life and soul of our communities, but for too long they have been ignored and let down by this Conservative Government.

‘We must restore our town centres by taking bold action.’

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