Firms set for predicted £1.8bn rebate amid business rate changes
Shields Gazette· 142 words · 1 min read
Around £1.8 billion of business rates payments are expected to be handed back to firms, according to Government figures.
Modelling by the Treasury has indicated it expects significant rebates in the face of changes to business rates valuations, which are due to take force at the start of the new tax year in April.
The figures were disclosed in official modelling published under the Freedom of Information Act to global tax firm Ryan.
Many firms are expecting to face higher bills due to updates to rateable values - the property valuations that the tax payments are based on - which come into force next month and are based on calculations from 2024.
A number of sectors, such as hotels, have said firms are expecting higher bills as a result despite a reduction in the multiplier used to calculate the property tax bills.