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Large supermarkets will benefit from significantly lower tax bills under business rate revaluations that were introduced in April, figures show.
According to research from business rate specialists CVS, the 'Big 4' supermarkets in the UK – Tesco, Asda, Morrisons, and Sainsburys – will see their combined business rate liability fall to GBP1.47bn (USD1.86bn) per year on average over the next five years from GBP1.51bn.
CVS added that business rate bills for superstores across England and Wales have also fallen and are set to fall by about GBP200m during this time.
Meanwhile, a number of online retailers have seen a tax cuts of 2.12 percent this month at their distribution centers.
The leader of the opposition Labour Party, Jeremy Corbyn, has recently said that a Labour Government would introduce a radical reform of business rates, to stop 'giveaways' to big corporations at the expense of small businesses.
He accused the Government of bias against small business in favor of big business whilst vowing to protect small firms and the High Street.
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