Yesterday was the launch of UKIP’s manifesto, where it proposed policy to slash business rates by 15% more than Labour.
Both parties policies will apply to properties of a rateable value up to £50,000, but retailers in this threshold would pay 15% more under a Labour government than a UKIP one.
In the next financial year starting from April 1 2016, if Labour is in power, shops would pay £12,742 on average in business rates. But a UKIP business rate policy means retailers would pay £11,082 – £1,660 less.
UKIP’s manifesto reveals a plan to offer an immediate 20% rate relief for the properties under the £50,000 threshold, compared to Labour’s policy to freeze next year’s rates.
Calculations were made by retail analyst and independent retailer, Paul Turner Mitchell, and based upon the average rateable value of a shop.
What do the main parties promise small businesses? Read my analysis here.
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