Valuation Office Agency – changes to rateable values Revo reaction

06 October 2016

Edward Cooke, Chief Executive of Revo said: 

 “These latest changes come seven years after the last review in 2008, demonstrating the clear and pressing need for more frequent valuations in order to make this tax more responsive to current conditions.

 “It is well-known that the UK has the highest property taxes of any major developed country. This latest round of revaluations adds further tax burden on what already constitutes the biggest operating cost for many retailers.

“With technology continuing to play an increased role in retail; this punitive tax regime acts as a disincentive to occupiers taking physical space, and impacts on the level of investment available to rejuvenate our town and city centres, and other urban areas. 

“Theresa May talks positively about the need to spread the benefits of economic growth beyond the south east. We agree. How can it then be right that retailers in the north east and north west won't benefit from the full effect of this tax reduction for another 5 years? 

“Not only does this affect the economic wellbeing in those areas; there are distinct social knock-on effects, undermining the retail property industry’s ability to create vibrant places which generate jobs, civic pride and where people enjoy living, working and leisure time.”