NEWS

Business rates revaluation to save big four £173m

Published on: 10th October 2016

UK supermarkets are said to receive a significant tax reduction following the renewed business rates.

Interest-Rates-480The government has released figures showing that Sainsbury’s, Tesco, Morrisons and Asda could receive a £173m tax reduction on their larger stores.

On 1st April 2017 the business rates revaluation will come into force, and the rateable values of the Big Four’s stores will see a reduction. On average, big brand superstores across England and Wales will see rateable values fall by 5.9%, roughly to £79,368.

Figures from the CVS reveal that this year the collective revaluations of supermarkets totals £2.76bn, down from £2.93bn in 2010.

A proposed “transitional relief” scheme, designed to limit any major changes to rates, could see the business rates capped at 4.1%.

“With the loss of market share and the proliferation of new stores by the discounters, undoubtedly, this will be good news,” CVS chief executive Mark Rigby said. “However, the government’s proposals for transitional rates relief mean that those businesses expecting lower bills will only get those savings gradually – so firms will have to wait even longer for their long-awaited relief.”

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