A third of surveyed UK businesses saw their property investment plans being impacted by the business rates system, according to a report Monday from the Confederation of British Industry.
In a survey of nearly 700 businesses, 32% said business rates — a local property tax levied on commercial premises — played a major role in investments being canceled, reduced, or delayed, the CBI said.
Business rates are calculated based on parameters including a property’s ratable value and a multiplier applied by the government.
- The Treasury, as part of its revision of ratable values every three …