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<p>By 2020, local government will retain 100% of business rates and will have the
power to reduce business rates. Directly elected mayoral authorities, such as the
Mayor of London, will have the power to levy a small supplement on business rates
to fund new infrastructure.</p><br /><p>In the last Parliament, the Government gave
local councils greater power over council tax support schemes and the treatment of
second homes and empty properties. The Government believes there would be difficulties
in devolving other property taxes, such as Stamp Duty Land Tax and Capital Gains Tax,
to London as this would create a distortive effect around the border, increase administration
costs and complexity and expose local government to significant fiscal risk.</p>
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