Business Rates: 2018 Budget Update

Business rates featured heavily in the Chancellor’s budget this week, with the vast majority of the government’s attention focused on offering support to high street retailers.

As always “the devil is in the detail” and at this stage the announcements are limited to broad proposals, however for many independent retailers the changes will be welcomed. The impact on national retailers with multi-site portfolios is less clear at this stage until the new rates relief schemes are fully unveiled.

Outside the retail sector, no initiatives were announced to help the majority of other ratepayers.

A hoped for announcement regarding the removal of downwards transition did not materialise. Premises across all sectors of the economy, where the rateable value is above £100,000 but which have fallen significantly since the last Revaluation, will still be denied the commensurate tax reduction that the removal of downwards transition would have provided.

Furthermore, the Chancellor completely ignored the manufacturing and services sectors that continue to face the brunt of Brexit uncertainties.

Altus Group continues to work  on behalf of our clients to ensure the rates they pay are accurate and fair.

If you have any queries regarding your business rates, please do not hesitate to contact the team.