UK Treasury to Raise Business Rates on Amazon, 8 Tax Measures in Finance Bill 2024

Nov 1, 2024, 02:42 PM

The UK Treasury has announced plans to raise business rates on large distribution warehouses used by online retailers such as Amazon. This measure, often referred to as the 'Amazon tax,' is designed to fund lower tax bills for high street shops. The government will legislate to increase taxes on Amazon and other online giants to support small businesses. Labour's plan includes reducing business rates on small businesses, funded by increasing taxes on business properties with a rateable value higher than £500,000. This move is part of broader budget changes, including 8 tax measures from the Finance Bill 2024, aimed at helping small firms pay less tax.