Business rates for over 1,500 retail shops in the City of London could be reduced by up to £33 million annually after a Valuation Tribunal ruling.
The Tribunal found that the rateable value of a prime retail shop was too high, ruling a reduction from £287,500 to £179,000, representing a 38% decrease.
Zoning, which influences the business rate calculations, was called into question when the Valuation Tribunal adjusted Zone A rates from £2,725 to £1,700 for the premises.
The ruling has significant implications for the 1,540 retail properties in the City of London, potentially impacting a total rateable value of £157.3 million.
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