Skip Ribbon Commands
Skip to main content

News Release

London

JLL comments on business rates and stamp duty announcements in the Autumn Statement 2014

JLL comment on the various business rates announcements in today’s Autumn Statement


London, 3rd December 2014- Commenting on the various business rates announcements in today’s Autumn Statement, Tim Beattie, Head of JLL Rating commented: “We welcome the Chancellor’s announcement of the increase in retail rate relief to £1500 in the next financial year which will help some struggling retailers. The two per cent cap on all increases in business rate liability next year is also good news, although this is not a huge giveaway as it would otherwise have been 2.3 per cent.

“Businesses also need to be aware that in order to receive rate reductions between 2010 and 2015 they must lodge appeals by 31st March 2015. This is an unexpected change as previously appeals lodged at any point in the valuation cycle would have secured reductions backdated to 2010.”

Guy Grainger, UK CEO at JLL added: “We await the interim findings of the Business rates administration review due this month, but the real changes demanded are unlikely to see light of day until the newly announced long term review reports ahead of the 2016 budget. This means there will be no fundamental changes to the system until at least 2016 and in the meantime struggling businesses will continue to pay rates that are linked to pre-recession rental values. Because the review will be fiscally neutral, it’s difficult to see how it can deliver on the fundamental changes demanded by business.”

On the stamp duty announcement, Adam Challis, Head of Residential Research at JLL said: “This is positive news that improves the efficiency of the way housing transactions are taxed, while also offering a direct alternative to the Mansion Tax proposals as higher value properties will still be charged more.”