Excepting a -1.1% regional decrease in the ‘other’ sector for London, the retail sector is the only one to see a significant decrease in RV (Table 1.0). If a property’s RV has gone down, then the business rates liability will reflect this – though by less than was perhaps expected given the artificially inflated multipliers. RVA Surveyors – the business rates reduction specialist – are just one of the companies working to inform and advise commercial property owners and tenants on how their business rates liabilities will change in the coming revaluation. The RHL relief means that the retail sector will be able to breathe a sigh of relief when their rates bill for the next revaluation arrives. The 75% relief that RHL offers will not only expire on the 1st of April 2024, but those in the retail sector will find themselves having to pay 100% of their business rates liability, not a cushy 25%.

Source: The Times February 17, 2023 00:06 UTC