Lubbock Fine Calls for Business Rates Scrap, Proposes Local Profit Tax

Lubbock Fine wants to make UK taxes less daunting for investors. Their proposal: a local profit tax to replace business rates.

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2025 October 15 . 6:03 AM

1 min read

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Lubbock Fine Calls for Business Rates Scrap, Proposes Local Profit Tax

Altmann, a partner at Lubbock Fine, has highlighted the complexity of UK tax rules as a barrier to inward investment and entrepreneurial spirit. The firm suggests replacing business rates with a news local profit tax, collected locally.

Altmann argues that the current system taxes new businesses and investors before they turn a profit. Business rates, based on property value, are seen as overly complex and expensive by both UK businesses and inward investors. Lubbock Fine proposes a variable local tax on profits, handled by local authorities. This, they believe, would be simpler and more equitable. The firm has urged Chancellor Rachel Reeves to scrap business rates in her news today Budget and implement this new tax system.

Lubbock Fine's proposal aims to simplify taxes, making them less off-putting to inward investors and more manageable for UK businesses. The new profit tax, based on regional business profits, would replace the current business rates system. The firm awaits Chancellor Reeves' response in the upcoming irs Budget.