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London Businesses Urge to Establish Separate Rate System for Properties

© Flickr / Mariano MantelCity of London
City of London - Sputnik International
The UK business community urged to separate properties in London from the national business rates system in order to reduce the tax burden, local media reported Friday.

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MOSCOW (Sputnik) — Extra high rates burden on non-domestic property in the UK capital forced the London Chamber of Commerce and Industry to appeal to the authorities for establishing a separate business rates system, the Telegraph newspaper reported.

The upcoming revaluation, scheduled for April, will force the businesses to pay taxes in the amount of nearly 4 billion pounds ($4.9 million) over next five years, what would first of all hit small shops, bars, restaurants and make them close down or move to cheaper locations, the newspaper said.

Business rates are reportedly considered to be the third largest expenses item for private companies after salaries and rents.

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