"Whilst Colliers supports the smaller RHL businesses paying a reduced business rates burden if their reliefs are to be removed, it does not agree with transferring the funding for this from the Government to the rest of UK PLC, particularly our larger businesses. The government plans to impose a new higher multiplier on all businesses with a RV above £500,000 - adding 10p in the £ to their rates bills. Essentially this is a stealth tax."
"Colliers believes this approach will be damaging rather than growth-stimulating impacting all sectors and will be particularly hard hitting given the 2026 Revaluation next April where values (and therefore rates bills) are expected to rise. The office sector alone could face an additional £677 million annually in bills, distribution warehouses £266 million, and large industrial and manufacturing units another £84.5 million, by this policy alone. Even public institutions such as NHS hospitals and schools will be affected with higher bills."
Colliers urges the Chancellor to abandon plans for a five-multiplier business rates system established by the Non-Domestic Rating (Multipliers and Private Schools Act) 2025. The system would permanently lower multipliers for smaller retail, hospitality and leisure properties while funding the reliefs by raising a higher multiplier for properties with rateable value above £500,000, adding 10p in the pound. That higher multiplier would raise substantial additional bills across sectors, including offices (£677m), distribution warehouses (£266m), large industrial/manufacturing (£84.5m) and larger retail (£400m), and could hit public institutions, jobs and food inflation.
Read at London Business News | Londonlovesbusiness.com
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