Revo has called on the government to cap business rates at 30% and to extend support measures beyond April next year as the first part of the reform consultation period closes.
The membership organisation for landlords and retailers has called on the government to cap future business rates multipliers at 30% from the 2023 revaluation, a “drastic” move Revo said would save high street businesses £3bn a year.
Business rates currently multiply by 51% at revaluation, and Revo said capping the increase would create more of a “level playing field” for bricks-and-mortar businesses versus pureplay retailers.
In a nod to its struggling landlord members, Revo also called for the freeze on business rates to be extended to empty retail properties and for a 50% relief to be introduced for all retail properties next year, “to prevent a cliff-edge in April 2021” when current measures expire.
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