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MPs call for 'fundamental reform' of business rates system

Business News - 04 Mar 2014

The business rates system must be fundamentally reformed if it is to play a viable role in the economy, according to a committee of MPs.

The Business, Innovation and Skills Committee has warned that the existing system is not fit for purpose, and has called for a study into whether retail tax should be based on the value of sales, rather than the value of commercial property as is currently the case.

The committee's report marks the latest in a recent succession of calls for reform of the business rates system, from some of the UK's leading business groups.

The committee has also called for the introduction of a separate tax system for retailers.

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