The Government has launched a consultation process on a £2bn relief scheme for businesses, including retailers, affected by next year’s business rates revaluation.
The relief package, from the Department of Communities and Local Government (DCLG), is intended to mitigate losses for those likely to suffer a rise in business rates when revaluation comes into effect in phases next year.
The Government claims high street retailers will be largely unaffected by the revaluation, but large grocers are likely to see an increase.
The revaluation has been slammed by retailers as unfair, as the agreed figure is based on a period when property values were at their peak, since when they have dived.
Travis Perkins group property director Martin Meech said: “It’s right to bring in a phased increase like this, but the general view is that the more sensible thing to do would be to defer the increase until we’re in more normal circumstances.”
The DCLG is asking for feedback about how the relief package, which will be funded by the redistribution of money collected from business rates, could be best put into practice.