Business rates will increase sharply over the next three years as Covid-era support is phased out and property values are adjusted to reflect a return to normal business after the pandemic.<\/p>\n
Business rates are a tax based on the “rateable value” of a firm’s premises, which is reassessed every five years.<\/p>\n
On Tuesday, Jonathan Russell, chief executive of the Valuation Office Agency, said that while pubs had seen their valuations jump by an average of 32%, more than 5,000 had seen their rateable values at least double.<\/p>\n
Speaking to BBC Two’s Politics Live, Business Secretary Peter Kyle insisted the government did not have the “granular detail” about how individual businesses would be impacted before the chancellor announced changes in her November Budget.<\/p>\n
However, Russell told MPs on the Commons Treasury Committee that his agency had been clear about the impact on different sectors before the Budget.<\/p>\n
The government is expected to make changes to how business rates are calculated for pubs, resulting in smaller increases.<\/p>\n
However, industry body UKHospitality has said business rate rises will affect the whole sector and see venues forced to close.<\/p>\n
It has estimated the average hotel faces an increase of 115% over the next three years, higher than its estimate for pubs of 76%.<\/p>\n
The British Independent Retailers Association has said its members face the same challenges as pubs but have been left out of discussions about additional support.<\/p>\n
The National Pharmacy Association has said the sector could face a 140% increase in rates, while the lobby group for gyms, pools and leisure centres said those businesses faced potential rate increases of 60%.<\/p>\n","protected":false},"excerpt":{"rendered":"Business rates will increase sharply over the next three years as Covid-era support is phased out and property…\n","protected":false},"author":2,"featured_media":369356,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":{"0":"post-369355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/369355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=369355"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/369355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/369356"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=369355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=369355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=369355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}