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Annual business rates revaluations mooted by Labour

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The Labour party will aim to “reinvigorate” high streets across the country through a new system of business rates which would tax online and high street businesses in different ways. 

The shadow business, energy and industrial strategy secretary told conference on Tuesday that a future Labour government would introduce new and fairer taxation for traditional retailers and online sellers

Rebecca Long Bailey said: “On one of the most pressing issues, business rates we will introduce annual revaluations of rates, exempt new plant and machinery from revaluations, ensure a fair appeals system and fundamentally review the business rates system to bring it into the 21st century.”

Andrew Carter, chief executive of the thinktank Centre for Cities, responded to today’s speech saying: “We’ve long called for business rates to be revaluated on an annual basis, so it’s great that Labour is backing this idea.

“Annual revaluations would ensure businesses can avoid the dramatic hikes in rates they’ve seen in recent years, and would also give local authorities more certainty over their finances.”

Shadow planning minister Roberta Blackman-Woods announced on Sunday at the Labour planning commission launch that her team would create policies that will “revitalise” Britain’s high streets.

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