Store owners facing massive business rates hikes in 2010 will get some reprieve as the government announced a transitional relief scheme.
Under the scheme any retailers with huge increases in their business rates will see them phased in over five years, and those that have seen their rateable valuable more than double will not pay more than a 100% increase over this period. However, there is concern about the remainder of the increase, as it may be included in the next revaluation for 2015.
"The transitional relief scheme provides some reassurance for those that have seen massive increases, but we are concerned that businesses could suffer in the 2015 revaluation," said Association of Convenience Stores chief executive James Lowman.
The business rates Valuation Office Agency reminded retailers that November 30 is the deadline for amendments to physical information on their submissions such as floor space and number of floors.
Under the scheme any retailers with huge increases in their business rates will see them phased in over five years, and those that have seen their rateable valuable more than double will not pay more than a 100% increase over this period. However, there is concern about the remainder of the increase, as it may be included in the next revaluation for 2015.
"The transitional relief scheme provides some reassurance for those that have seen massive increases, but we are concerned that businesses could suffer in the 2015 revaluation," said Association of Convenience Stores chief executive James Lowman.
The business rates Valuation Office Agency reminded retailers that November 30 is the deadline for amendments to physical information on their submissions such as floor space and number of floors.
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