In response to The Chancellor’s Autumn Statement, Ben Batchelor-Wylam, from Colliers International’s South West and South Wales Business Rates team said: “The Chancellor’s Autumn Statement is in line with Colliers expectations. Regrettably, expectations were low.
“Currently Business Rates are redistributed nationally, therefore areas requiring subsidy benefit from areas which could be considered better off. This ‘Robin Hood’ redistribution may mean that geographically wealthy areas remain robust whilst those less well-off may remain perilously at risk, especially in light of funding cuts.”
Ben, who is based in the Bristol office of Colliers International, added: “Business rates will remain ‘fiscally neutral’, so says George, in other words they won’t go down, or up (except with inflation).
“But being a property tax, which typically increases in line with inflation, the real issue remains – too many rate payers are paying too much because 255,000 rating appeals remain outstanding. There are too many barriers stopping incorrect Rateable Values from being correctly assessed.”
