Oxford Street

High Streets in the UK are set facing a huge overhaul of the business rates they pay, with some likely pay up to 400% more, according to new research.

Property consultant Colliers International's study found that 76 of the UK's main towns and cities will see business rates go up.

Business rates are calculated based on property values, and are recalculated every five years. However, the next revaluation has been pushed back to 2017.

Colliers has analysed the growth of property values over the past five years since the last revaluation and found that some High Street and shopping centre retailers in London will see business rates go up by as much as 400%.

However, rates in the Midlands and the north of England are areas likely to see prices drop considerably. The report found that business rates in Newport, South Wales could fall as much as 80%.

"The business rates losers are found only in London and the South East and it could turn highly profitable stores, including independent retailers, into failing businesses," said John Webber, ratings expert at Colliers International.

"Business rates is a major cost for retailers and it's really important that they are able to budget for these once-in-a-generation changes."

Retailers pay more than a quarter of the Treasury's business rates income, which is set to be £28 billion this year - more than council tax.