London's 20 tallest towers face sky-high rates rise

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Businesses in London’s 20 tallest skyscrapers are staring down the barrel of an extra £50 million in business rates, it has emerged.

Their rates bills will go up from £194 million to £243 million over the next three years, according to numbers crunched for the Evening Standard by property firm Colliers International.

The study showed the Walkie-Talkie tower will see the largest increase, with its companies’ bills, calculated on the value of their property, rising more than £5 million to £19 million by 2019. 

A long-delayed revaluation of firms’ business rates bills is due next year. 

The Government is due to publish a draft list on September 30 amid fears London firms will have to fork out more than their fair share as property prices have risen more quickly in the capital.  

Colliers head of rating John Webber said: “Without clear and direct action, and meaningful reform, these business rates bills will be a tall order for London’s skyscrapers.” 

The Standard is calling for an overhaul of the rates system.

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Source Article from http://www.standard.co.uk/business/london-s-20-tallest-towers-face-skyhigh-rates-rise-a3284836.html

June 30, 2016 |
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