Revo has long been supportive of the Shopkeepers Campaign for the reform of business rates and in this month’s Autumn Statement, the Campaign passed a real milestone with Government recognising the value that bricks and mortar enterprises bring to our our shopping places through the business rates reforms it introduced. This has cost the Government an estimated £13.6bn over 5 years – a not inconsiderable sum given the broader fiscal environment. Benefits included:-
- Revaluation not postponed – retail values fall on average 10%
- UBR multiplier frozen for 2023-24 and not increased with inflation
- 25% increase (to 75% total)on 2023-24 business rates relief for retail and hospitality occupiers up to a £110,000 cap per business
- Downwards transitional phasing abolished
There is still much to fight for with this outdated and penal tax system, but at last, recognition from Government that something needs to be done.