Business Rate Supplements:
Under this new legislation the Government will allow local authorities to introduce a Business Rate Supplement of 2p per £1 of rateable value from April 2010.
Business Rates Revaluation:
Research carried out by GL Hearn and Investment Property Databank shows that the retail sector will face a massive 16 per cent cumulative increase in its rates bills from April 2010. This compares with much smaller cumulative increases for office occupiers (3.1 per cent) and industrial occupiers (1.5 per cent).
Business Rates:
In normal circumstances, business rates are increased each year in line with September's RPI inflation to ensure year-on-year increases are predictable. But this September's RPI rate of 5 per cent is unrepresentative and fell to 4.2% in October –the biggest fall since 2003 – so should not be used as the basis for the April 2009 increase in business rates.
Empty Property Rate Relief:
Many retailers are already experiencing significant increases in their rates bills as a result of the abolition of Empty Property Rates Relief earlier this year.
British Retail Consortium
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