UK Seeks Greater Property Tax Stability for Large Businesses

The UK wants to bring more stability to its property tax system for large establishments as part of a wider reform supporting the retail and hospitality sectors, the country’s tax minister said Wednesday.

The government is aiming to avoid “big changes” to business rates, giving large infrastructure businesses, such as hotels, greater confidence to make long-term investments, Dan Tomlinson, exchequer secretary to the UK Treasury, told Parliament’s Treasury Committee during a hearing.

Business rates, a property tax levied on commercial premises, are calculated based on parameters including the property’s ratable value and a multiplier applied by the government. The ...