Spring statement 2022 commentsOn Wednesday 23 March 2022, the Chancellor gave the Spring Statement to Parliament. Here, our residential and commercial teams highlight key points, and the potential impact on the UK property market.
The Trojan Horse of more frequent revaluationsThe Local Government Finance Act 1988 introduced 5 yearly rating revaluations, the first being 1990 and this quinquennial cycle continued until 2010.
Changes to the retail relief schemeThe British Retail Consortium have reported that there has been a growth in high street retail sales from April to June rising 28.4% from a year ago and up 10.4% from 2019.
COVID-19 MCC Appeals Ruled out by governmentIt has been reported by HM Treasury that government will legislate against appeals citing COVID-19 as a material change in circumstances (MCC).
Empty rate solutions: Opportunities to reduce the business rate on an empty propertyIf you are currently holding any vacant commercial property where your initial period of relief has been eroded or you are aware that you will be faced with an empty rate liability soon, it is important that you plan for this and maximise any savings available to you.
Does the budget go far enough on business rates?The Chancellor delivered his budget for recovery this week. As expected, there was some help for business ratepayers, but not as much as was needed.
How will the budget affect business rate relief?The current business rates holiday has provided businesses, many of whom have been forced to close or suffered a significant impact on their income, with the means to fight for their survival.