MAJOR LANDMARKS LEFT REELING BY MASSIVE BUSINESS RATES RISES

• Country’s best-known buildings face business rates increases of up to 264%
• Publication of new valuations reveals bills for five years from April 2017
• Jerry Schurder: “The business rate has reached unacceptable and unsustainable levels”

 

Many of England best-known landmarks, offices, shops, attractions and infrastructure are facing massive rises in their business rates bills from April 2017 onwards following the publication of updated valuations.

The Valuation Office Agency (VOA) has today released details of new rateable values – from which business rates bills are calculated – allocated to each of England’s 1.85 million commercial properties. This latest revaluation will be the first since 2010.

Analysis by business rates experts at property consultancy Gerald Eve has revealed the extent of the valuation rises being faced by some of the country’s most-prominent properties, with the worst-hit including:

• Huge rises for London attractions: The O2 (142%), Tower of London (90%) and London Eye (70%)
• Leicester City paying the price for Premiership success with 264% increase at King Power Stadium
• Dorchester Hotel sees 54% surge, The Ritz 36%
• West End retailers Harrods, Hamleys, John Lewis and Selfridges all facing increases over 50%
• Channel Tunnel rail link on track for 77% surge
• Cricket grounds hit for six: Edgbaston (117% rise), Lord’s Cricket Ground (67%)
• Bank of England in need of cash to meet 61% uplift; BBC’s Broadcasting House up 16%
• Offices in The Shard rise 45%, Docklands offices of HSBC up 10%
• The Queen’s Buckingham Palace up 13%

Jerry Schurder, head of business rates at Gerald Eve, said: “The publication of these latest values puts into sharp focus just how punitive business rates, the highest local property tax in the world, can be. But it is not just a question of the overall burden being far too high – the sudden jump that many are now facing with only six months’ warning could lead to job losses and property disposal in an attempt to mitigate occupation costs. For these firms, whose values have doubled or even trebled, it is clear that the business rate has reached unacceptable and unsustainable levels.”