Overview

• ABF chief executive George Weston said the proposed business rates overhaul would unfairly hit large anchor stores, warning it risks investment and jobs on UK high streets.
• The Treasury plan under consultation targets premises with a rateable value above £500,000, shifting more of the burden onto big-format retailers to finance support for smaller sites.
• The British Retail Consortium cautioned that roughly 400 large-format stores could be at risk if the surtax goes ahead.
• Tax adviser Ryan estimated affected retailers would face about £45.8 million in extra annual business rates under the proposal.
• Final decisions are expected around the November Budget with changes slated for April, as retailers cite recent cost increases from national insurance, a higher minimum wage and packaging taxes.