In an unprecedented move, the Central London Valuation Tribunal has awarded 50 per cent rate rebates to nine New Bond Street retailers that lodged test case appeals, following the slump in tourist numbers after September 11, 2001.
However, the awards have only been made for a three- month period from September 2001 to December 2001. This means retailers that lodged appeals after December 31, 2001, will not be eligible for a rebate. A committee of surveyors negotiated with the Inland Revenue, headed by GL Hearn joint head of rating Blake Penfold. He is advising retailers to appeal against the restrictions.
'The restrictive approach will infuriate those retailers that chose to delay and make considered, rather than knee-jerk appeals. We will be advising retailers that lodged appeals after December 31, 2001 to appeal to the Lands Tribunal against this element of the decision,' he said.
More than 1,500 similar appeals in central London are still outstanding.
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