Are business rates fit for purpose?

1 June 2020
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"A Treasury Select Committee was critical of the system... In some parts of the world they have annual revaluations and that should be an aspiration."

With the cost of business rates the focus of scrutiny over the last few months, and following the announcement of the postponement of the 2021 revaluation, Andrew West, Business Rates Director at Cooke & Arkwright, provides his views on the business rates system and questions whether it is still fit for purpose as a form of taxation

The disposal of 120,000 square feet on the Heads of the Valleys Industrial Estate was a particularly satisfying task. The building had been rebuilt following fire damage, and Jeremy Symons and his team were successful in identifying a nearby purchaser looking to expand. The sale price, at £4,000,000, represented a record sale price for a property of this nature in the area, and with great tenacity and endeavour was completed in a timely fashion. An excellent result.

Richard Hayward, Richard Hayward Properties