Up to 400 large UK stores at risk of closure from property tax hike, says BRC

LONDON (Reuters) -Up to 400 of the UK’s biggest shops – from supermarkets to department stores – are at risk of closure if the government forces them into its proposed higher business rates tax band, the British Retail Consortium trade body warned on Friday.

The government has proposed higher business rates, or commercial property taxes, on sites with a rateable value of over 500,000 pounds ($677,300).

It wants this higher rate to fund a plan to make a temporary discount for smaller retail and hospitality businesses permanent.

“Given the small profit margins that exist across retail … a significant rise in rates for large stores would force these shops to raise their prices, employ fewer people, or even close their doors entirely,” the BRC said.

Britain’s finance ministry said on Thurs