Our reaction to today's Autumn Statement: Failure to reduce tax could send some businesses over the wall23 November 2016
Edward Cooke, Chief Executive at retail property body Revo, reacts to today’s Autumn Statement:
Whilst the Chancellor's commitment to reduce the cap on next year's increase for large properties – over a rateable value £100,000 – from 45% to 42% in 2017-18, and then from 50% to 32% the year after will be welcomed by some, failure to give businesses the tax reduction they deserve could send some to the wall.
The Chancellor failed to mention anything about reform of the opaque appeals system - which research shows could cost small and medium sized businesses almost £700m.
We welcome the focus on infrastructure and the new Housing Infrastructure Fund, given the proven benefits of a joined up approach to infrastructure and property development, and which promise to unlock new development and regeneration to improve places where people live, work, and spend their leisure time.
We will be looking for more detail on the aspects in the fuller statement to published shortly.