"The UK's biggest airport is in line for a discount of nearly 900m on its rates bill over the next three years. That is a fifth of the total 4.3bn transitional relief fund announced by the chancellor in the budget for all businesses facing big bill increases. Heathrow's rates bill will still rise by 50m to 171m this year, according to figures compiled by property firm Avison Young and first reported by The Sunday Times."
"Had the government not stepped in, Heathrow's business rates bill would have leapt to 512m in the upcoming fiscal year, 514m the year after, and 523m the year after, taking the total over the next three years to 1.5bn. Reliefs over this period will take the aggregate to 650m, thanks to transitional relief of 898m. While Heathrow, which is owned by a collection of overseas sovereign wealth and pension funds, is getting less support in percentage terms than a local pub,"
Heathrow is set to receive nearly 900m in business rates discounts over three years from a 4.3bn transitional relief fund that limits sharp bill increases. Even with relief, Heathrow's rates will rise by 50m to 171m this year. Without intervention, the airport's three-year bills would have reached about 1.5bn, but transitional relief reduces the payable aggregate. The airport's total package far exceeds the 80m of extra discounts for pubs and live music venues. Hotels, restaurants, nightclubs and cafes received no additional targeted support and many hospitality businesses face accelerating closures.
Read at www.theguardian.com
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