UK retail shares rise on Reeves’ commercial property tax reforms

LONDON, Nov 26 (Reuters) – Shares in Britain’s major retailers climbed on Wednesday after changes to commercial property tax, or business rates, announced in finance minister Rachel Reeves’ budget statement were not as bad as feared.
Reeves said she would introduce permanently lower tax rates for over 750,000 retail, hospitality and leisure properties, paid for through higher rates on properties with rateable values worth 500,000 pounds ($659,350) or more.
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She also introduced over 4.3 billion pounds of support over the next three years for a property of any size seeing a large increase in its bill.
BIG RETAILERS FEARED CHANGES COULD FUEL INFLATION