Business rates will increase sharply over the next three years as Covid-era support is phased out and property values are adjusted to reflect a return to normal business after the pandemic.<\/p>\n
Business rates are a tax based on the “rateable value” of a firm’s premises, which is reassessed every five years.<\/p>\n
On Tuesday, Jonathan Russell, chief executive of the Valuation Office Agency, said that while pubs had seen their valuations jump by an average of 32%, more than 5,000 had seen their rateable values at least double.<\/p>\n
Ministers have argued they did not have access to all the information about the impact of revaluations on individual businesses before the chancellor announced changes in her November Budget.<\/p>\n
However, Russell told MPs on the Commons Treasury Committee that his agency had been clear about the impact on different sectors before the Budget.<\/p>\n
The government is expected to make changes to how business rates are calculated for pubs, resulting in smaller increases.<\/p>\n
However, industry body UKHospitality has said business rate rises will affect the whole sector and see venues forced to close.<\/p>\n
It has estimated the average hotel faces an increase of 115% over the next three years, higher than its estimate for pubs of 76%.<\/p>\n
The British Independent Retailers Association has said its members face the same challenges as pubs but have been left out of discussions about additional support.<\/p>\n
The National Pharmacy Association has said the sector could face a 140% increase in rates, while the lobby group for gyms, pools and leisure centres said those businesses faced potential rate increases of 60%.<\/p>\n","protected":false},"excerpt":{"rendered":"Business rates will increase sharply over the next three years as Covid-era support is phased out and property…\n","protected":false},"author":2,"featured_media":695318,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[12,16,15],"class_list":{"0":"post-695317","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-news","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115893361951200910","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/695317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=695317"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/695317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/695318"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=695317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=695317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=695317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}