Business Rate reform promised

The Telegraph newspaper reports that a £415m package of business rates cuts and infrastructure investment is to be unveiled by Eric Pickles, the Communities Secretary. The package will include a £1,000 business rates discount for 300,000 small retailers. David Cameron has also suggested that tax on commercial property in the UK could be scrapped. “I think we do need to look at longer-term reform,” the PM told the Federation of Small Businesses conference. Retail sources suggested that moving away from a tax on commercial property to a modern alternative – such as a sales tax – is an option being considered.