Stealth Tax Hits Local Businesses in Bury St Edmunds, Stowmarket and Needham Market

David Ruffley MP has written to his local Chambers of Commerce about a new stealth tax which could hurt many businesses in Bury St Edmunds, Stowmarket and Needham Market.

As of 1 December, Stamp Duty Land Tax (SDLT) will create big increases in tax bills for may local shops, public houses, restaurants and bars.

SDLT hits longer leases hardest, and most high street firms need longer leases to recoup their fitting out costs. A typical will see its tax bill rise from £600 to £6000, according to the British Beer and Pub Association.

I have written to my local Chambers of Commerce to ask them to warn their members about this new stealth tax and to ask for help in monitoring its impact.

This stealth tax on leases will hurt many local businesses, damaging investment and threatening jobs.