Jessen, owner of City restaurant 1 Lombard Street, is to challenge a £54,000 stamp duty charge incurred when renewing his lease on the restaurant’s premises, a Grade II listed former banking hall opposite the Bank of England. Jessen, who spent ten years in the City working for Merrill Lynch and Goldman Sachs before founding 1 Lombard Street, is also petitioning Downing Street to suspend stamp duty on business leases for the duration of the recession. “The government should be doing everything it can to support business in the current climate,” comments the food entrepreneur. “The restaurant industry has been hit hard by the recession, so taxes like stamp duty on top of our rising costs are a kick in the teeth. “We have just renewed 1 Lombard Street’s lease for another 20 years. This is a commitment to our customers, employees, and the City infrastructure that should be celebrated and certainly not penalised. “For many, these taxes are the difference between staying open and administration. It is disgraceful to think that by maintaining charges like stamp duty, the government could actually be causing unemployment.” Well said, Jessen. Real Business has signed his petition. You, too, can join the campaign here. Related articles:Stamp duty relief fails housebuilders
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.