UK’s property tax needs an overhaul |
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Tue, 05 Apr 2005 01:00
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It’s no child’s play running a business in the UK. A latest report from the Federation of Small Business (FSB) has found that UK businesses are paying more than three times in property taxes unlike their counterparts in Europe.
It’s time now for the UK’s old property tax system to undergo a sea-change, said the FSB. Since the high contribution of non-domestic rates made by UK businesses as against their European competitor to the exchequer has put UK businesses, especially small business units, at a disadvantage, the FSB said.
| The report comes at a time when more than a million businesses in UK receive bills for the new financial year with rates liability.
The report called Business Rates takes a closer look at the small business units. It showcases how non-domestic rates, which have sky-rocketed by 15.7 per cent in the last couple of years, account for 4.2 per cent of the total UK tax revenue.
Similarly, it is only 2.3 per cent of tax revenue in France, while in Sweden it is two per cent, the Netherlands account for 1.9 per cent and Germany one per cent, the report states.
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