Retailers in most regions in England and Wales will see a decrease in their business rates bills under the revaluation of business rates, according to headline figures published by the government.
The average rateable value will increase by 4.7% across the UK next year, but this is heavily skewed by a 26.2% increase in rateable values in London.
There is also due to be a reduction of 1.7p in both the small business and standard rates multiplier, which will lead to net decreases in most retailers’ business rates bills.
Association of Convenience Stores chief executive James Lowman said: “The figures released today suggest that most retailers outside London will see a decline in their rates bills. However, as each premise is rated according to its own specific location, size and features, we do not yet know how the convenience store and forecourt sector are specifically affected.
“We still believe that rates system overall is flawed and should be changed to incentivise investment, and should track more closely to economic circumstances. We remain concerned that not all sectors are paying their fair share of business rates, and that stores with ATMs or those operating on petrol forecourts are attracting excessive rates bills, especially when compared to internet distribution facilities.”
The government has also published options for amending the transitional rate relief system which aims to mitigate the impact of rates bill increases by staggering the cost over the next five years.
Lowman added: “We welcome the government’s focus on the transitional rate relief system, and will respond to the consultation in due course seeking to ensure that retailers that are hit with significant increases in their rates bills can spread that cost in a manageable way.”
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