As you may be aware, in April 2023 the Government implemented a business rates revaluation. This was the first business rates revaluation in 6 years, and it resulted in valuations (which property tax is based on) being updated to better reflect market conditions. You can read more about it at www.gov.uk/introduction-to-business-rates/revaluation.

To ensure new business rates valuations for our retail occupiers were as accurate as possible and ultimately keep rating liabilities to a minimum, we instructed Colliers International to engage with the Valuation Office Agency (VOA) who are responsible for setting business rate liabilities. Ahead of the April 2023 revaluation, Colliers assessed several locations in Mayfair and Belgravia with the VOA, with the aim of agreeing the lowest rates possible. The outcome was overall positive, with many business rate valuations staying the same or only seeing very modest increases. Colliers believe there is scope for further reductions in certain locations, and would be happy to review individual properties and advise on opportunities to reduce your business rates liability from 1st April 2023.

As well as updating you on the revaluation process we’ve been through to get the best outcome for occupiers, we also want to make tenants aware of additional support that is available. The Government has extended the retail relief scheme to apply to 2024/25 rates whereby eligible businesses can get 75% off their business rates up to £110k in each billing year. If businesses received this relief last year, it will be automatically applied again. Read more about the retail relief scheme at www.gov.uk/apply-for-business-rate-relief/retail-discount

We recommend that all tenants review their business rates in line with the 2023 revaluation as there may be opportunities to reduce your liability or access rates relief. If you do not already have an agent advising on this and would be interested in discussing the above with Colliers, please email Jessica.hand@colliers.com.

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