The Local Government Finance Act 1988 established that the Uniform Business Rate cannot rise faster than the rate of inflation each September. But ratepayers have, as always, a right of appeal against the rateable value of their property. Very significant reductions can be obtained when the statutory definition is correctly applied to individual properties.
As far as rents are concerned, many retailers have taken advantage of the current state of the market to negotiate nil increases on review or lease renewal.
Retailers, therefore, should be in no doubt that in today's recessionary conditions they should be examining every element of their costs. That applies to their rent and rates every bit as much as to wage bills and occupancy costs.
M. J. FAULKES
Chairman, Local Taxation Panel
The Royal Institution
of Chartered Surveyors
13 JanuaryReuse content