This is Devon --
The British Property Federation has put its weight behind veteran retailer Bill Grimsey's call for a 'root and branch' review of business rates.
Its support comes as analysis of European Union data revealed the UK pays the highest business rates of any country in Europe, and more than France and Germany combined.
Former Wickes and Iceland chief executive Mr Grimsey yesterday published his 'alternative review' of the high street.
His recommendations include the reintroduction of the 2015 business rates revaluation, in order to realign property values and freeze business rates from 2014.
The BPF's analysis of EU data shows that, as a proportion of GDP, UK business rates are more than three times those in France, and more than five times those in Germany.
In cash terms, the UK Exchequer generated nearly 35 billion euros from business rates in 2010, more than France (15 billion euros) and Germany (12.5 billion euros) combined.
The analysis also shows that France takes the equivalent of 2.3% of its GDP in 'recurrent' property taxes (business rates and council tax). However, separate data reveals that only 23% of this comes from non-domestic property.
Germany takes the equivalent of 0.5% of its GDP in recurrent taxes, with 60% of this classified as non-domestic.
Meanwhile, the UK's income from recurrent taxes is by far the highest in Europe at 3.4% of GDP, with business rates accounting for nearly half of this.
Mr Grimsey has also recommended that once rates revaluations have taken place, any future increases in the levy should be conducted annually and based on an annual Consumer Price Index rate.
He has also said that any business occupying a retail property in the retail core of a town centre that has been vacant for 12 months should receive 50% rate relief for two years.
Liz Peace, chief executive of the British Property Federation, said: "The Government makes a great play of claiming that it wants to create an internationally competitive tax system while at the same time hamstringing the nation's businesses with the highest rates bills in Europe – bills that are ratcheted up with inflation each year regardless of wider economic conditions.
"We're pleased to see that Bill Grimsey recognises the damaging impact this has had on UK high street, and we would urge the Government to commit to a root and branch review of the current business rates system, the way it is calculated and charged, and the distortions it creates."
Mr Grimsey has also called for a one-off tax to be imposed on major retail chains and leisure groups to fund regeneration of the high street.
His alternative review comes in the wake of retail guru Mary Portas's report and ensuing campaign to revive the UK's high street. Her recommendations included projects such as the as setting up of 27 "Portas Pilot" towns. Reported by This is 20 hours ago.
The British Property Federation has put its weight behind veteran retailer Bill Grimsey's call for a 'root and branch' review of business rates.
Its support comes as analysis of European Union data revealed the UK pays the highest business rates of any country in Europe, and more than France and Germany combined.
Former Wickes and Iceland chief executive Mr Grimsey yesterday published his 'alternative review' of the high street.
His recommendations include the reintroduction of the 2015 business rates revaluation, in order to realign property values and freeze business rates from 2014.
The BPF's analysis of EU data shows that, as a proportion of GDP, UK business rates are more than three times those in France, and more than five times those in Germany.
In cash terms, the UK Exchequer generated nearly 35 billion euros from business rates in 2010, more than France (15 billion euros) and Germany (12.5 billion euros) combined.
The analysis also shows that France takes the equivalent of 2.3% of its GDP in 'recurrent' property taxes (business rates and council tax). However, separate data reveals that only 23% of this comes from non-domestic property.
Germany takes the equivalent of 0.5% of its GDP in recurrent taxes, with 60% of this classified as non-domestic.
Meanwhile, the UK's income from recurrent taxes is by far the highest in Europe at 3.4% of GDP, with business rates accounting for nearly half of this.
Mr Grimsey has also recommended that once rates revaluations have taken place, any future increases in the levy should be conducted annually and based on an annual Consumer Price Index rate.
He has also said that any business occupying a retail property in the retail core of a town centre that has been vacant for 12 months should receive 50% rate relief for two years.
Liz Peace, chief executive of the British Property Federation, said: "The Government makes a great play of claiming that it wants to create an internationally competitive tax system while at the same time hamstringing the nation's businesses with the highest rates bills in Europe – bills that are ratcheted up with inflation each year regardless of wider economic conditions.
"We're pleased to see that Bill Grimsey recognises the damaging impact this has had on UK high street, and we would urge the Government to commit to a root and branch review of the current business rates system, the way it is calculated and charged, and the distortions it creates."
Mr Grimsey has also called for a one-off tax to be imposed on major retail chains and leisure groups to fund regeneration of the high street.
His alternative review comes in the wake of retail guru Mary Portas's report and ensuing campaign to revive the UK's high street. Her recommendations included projects such as the as setting up of 27 "Portas Pilot" towns. Reported by This is 20 hours ago.