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25/11/16

Annual Statement – Rates Review

The Autumn Statement was announced by the Chancellor on Wednesday 23 November.   Jason Tann, Head of Commercial Real Estate, commented as follows in New Law Journal  with regard to Rates Reviews:

“Whilst the permanent exemption for small firms will no doubt be welcomed, the new transitional relief levels will offer little comfort to medium and large firms that pay the vast majority of the £28 billion business rates bill.  The biggest impact of the overhaul of the business rates system will be on large business in Central London with consequences not only for occupiers but also for landlords who are likely to find that significant increases in rates bills have a depreciating effect on rental income especially at rent review.  In a country with not only the highest property tax in the world but one which is also facing an uncertain post-Brexit trading future, it is not surprising that the property industry is disappointed that the Chancellor did not announce a further rethink of business rates.”

https://www.newlawjournal.co.uk/content/hammond-s-autumn-statement.