Ribble Valley Lib Dem Leader Cllr. Allan Knox is backing a 4 point plan to scrap Business Rates and replace them with a Commercial Landowner Levy.
The new levy would be paid by landowners, not tenants and would help boost many high street businesses.
The plan was launched at the recent Lib Dem conference in Brighton, attended by Cllr. Knox and is based around the following four points.
- Business rates should be abolished and replaced by a Commercial Landowner Levy based on the value of commercial land only
- The levy should be paid by owners rather than tenants
- Non-residential stamp duty should be scrapped to improve the efficiency of the commercial property market
- Commercial land should be taxed regardless of whether the buildings above it are occupied; the tax should also apply to unused and derelict commercial land
Cllr. Allan Knox said: “By only taxing land and not the productive capital above it, this reform would remove a major disincentive to investment, boosting productivity and contributing to a necessary revival in UK industry.
“While separate action is needed to ensure online retailers pay their fair share of corporation tax, these proposals would offer a lifeline to struggling high streets.
“I believe this initiative would be a major boost for business and enterprise across the UK.”