Following today’s Autumn Budget announcement, the Chancellor has confirmed that from April next year small shops will see their rates bill fall by a third. Local retail traders in particular will benefit from this relief if their Rateable Value is less than £51,000. In the London area, and in large city centres, however, many businesses will not benefit due to the Rateable Values being much higher.
Martin Davenport, HTC Rating Partner and past president of the Rating Surveyors Association, said: “It is pleasing to see that government have decided to do something about the current state of the high street. In my opinion it would have made sense for the threshold in London to be increased to the £75,000 mark. Empty rates continues to be an issue and an extension of the empty rate relief from three months to six months would have been a sensible change. This has not happened. I strongly recommend that any retailer with a rateable value of around £52,000 should look into submitting a challenge with the aim of going below the £51,000 threshold.”
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