The British Retail Consortium has warned that the Chancellor's plans to reform stamp duty at the Budget on April 9 would raise costs for retailers and reduce the number of retail business start-ups, despite proposals to abolish stamp duty in deprived areas.
The BRC said the proposed recalculation would see the Treasury net £1.4bn from retailers over the next three years as they would face an increase of at least 1,000%.
It also said the Treasury's plans to include up-front payments of stamp duty, rather than allowing them to be spread across the length of the lease, would undermine the ability of new retailers to enter the market as it would raise start-up costs by 5 to 10%.
BRC director-general Bill Moyes said: "The Chancellor's need to balance the books could have a devastating effect on retail jobs and new business start-ups."
However the BRC welcomed the proposals to abolish stamp duty in the 88 most deprived areas.

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