On 8 May 2019, in partnership with the UK Confederation of British Industry (CBI), IPTI held a one-day conference in London, England on the topic of “Business Rates” which is the annual property tax paid in respect of non-residential properties in the UK. The annual revenue generated by business rates is approximately £30 billion, so it is an important source of funding for local governments.
However, there are many complaints and criticisms about the system and, in particular, the burden of business rates which, in part, is due to the high tax rate in comparison with other jurisdictions and the narrowing tax base as businesses operating from traditional bricks and mortar properties are impacted by changes in the retail, commercial and manufacturing sectors, including the increase of online competition.
This conference was an opportunity to bring taxpayers (ratepayers) together with policy-makers (Ministers and Members of Parliament), practitioners, academics and other experts to consider the issues and discuss possible solutions. It was particularly timely as the UK Parliamentary Treasury Select Committee – which was represented at the event – is currently considering evidence about the impact of rates on businesses.
Two Members of IPTI’s Board of Advisors – Enid Slack and David Magor – were involved in the conference and copies of their presentations can be found via the link below.
Paul Sanderson (IPTI President) and John Allan (CBI President) co-chaired the event and IPTI was very pleased to work in partnership with the CBI in connection with this very successful conference.