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<\/div>\n\/\/<\/span> John Lewis and Marks and Spencer on Oxford Street will see their rateable value drop by nearly 60% next April after the government unveiled its transitional business rates relief scheme as part of the autumn budget<\/h6>\n\/\/ <\/span>Selfridges, Harrods, Reserved and Adidas on Oxford Street are also set to see their rateable value fall by at least 40%.<\/h6>\nM&S and John Lewis stores on Oxford Street will see their rateable value drop by almost 60% next April as part of the business rates revaluation, Drapers has reported.<\/p>\n
The Oxford Street branch of John Lewis will see its rateable value fall by 60% from \u00a316.5m to \u00a36.6m next year, according to data from Colliers.<\/p>\n
Marks and Spencer\u2019s store on 456-472 Oxford Street is expected to see a 58% fall in its rateable value from \u00a39.2m to \u00a33.9m.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/p>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nSelfridges, Harrods, Reserved and Adidas on Oxford Street are also set to see their rateable value fall by at least 40%.<\/p>\n
Over half a million retail properties across England and Wales have now been revalued with new values based on market rates, which will be used to calculate business liabilities from 1 April 2023.<\/p>\n
Last month, the government\u2019s autumn budget unveiled a number of initiatives to help support retailers.<\/p>\n
Chancellor Jeremy Hunt introduced a transitional business rates relief scheme, a freeze on multipliers and increased support packages.<\/p>\n
However, the next revaluation of rates will go ahead in April 2023, which Hunt warned could result in increasing costs due to inflation.<\/p>\n
Hunt said business rates multipliers would be frozen from 2023\/24 at 49.9p and 51.2p and also unveiled a transitional relief scheme, which will cap increases caused by the increase in rateable value at the next valuation.<\/p>\n
The \u201cupward caps\u201d will be 5%, 15% and 30% respectively for small, medium, and large properties in 2023\/24. They will be applied before any other reliefs or supplements.<\/p>\n
Retailers on Regent Street will see a smaller drop in its business rates compared to Oxford Street, with Burberry expected to benefit from a 37% drop.<\/p>\n
Followed by H&M and Arket, which will see their rateable value fall by 35% next April and & Other Stories, benefiting from a 25% fall.<\/p>\n
M&S and John Lewis stores on Oxford Street will see their rateable value drop by almost 60% next April as part of the business rates revaluation, Drapers has reported.<\/p>\n
The Oxford Street branch of John Lewis will see its rateable value fall by 60% from \u00a316.5m to \u00a36.6m next year, according to data from Colliers.<\/p>\n
Marks and Spencer\u2019s store on 456-472 Oxford Street is expected to see a 58% fall in its rateable value from \u00a39.2m to \u00a33.9m.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/p>\n Sign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\n Selfridges, Harrods, Reserved and Adidas on Oxford Street are also set to see their rateable value fall by at least 40%.<\/p>\n Over half a million retail properties across England and Wales have now been revalued with new values based on market rates, which will be used to calculate business liabilities from 1 April 2023.<\/p>\n Last month, the government\u2019s autumn budget unveiled a number of initiatives to help support retailers.<\/p>\n Chancellor Jeremy Hunt introduced a transitional business rates relief scheme, a freeze on multipliers and increased support packages.<\/p>\n However, the next revaluation of rates will go ahead in April 2023, which Hunt warned could result in increasing costs due to inflation.<\/p>\n Hunt said business rates multipliers would be frozen from 2023\/24 at 49.9p and 51.2p and also unveiled a transitional relief scheme, which will cap increases caused by the increase in rateable value at the next valuation.<\/p>\n The \u201cupward caps\u201d will be 5%, 15% and 30% respectively for small, medium, and large properties in 2023\/24. They will be applied before any other reliefs or supplements.<\/p>\n Retailers on Regent Street will see a smaller drop in its business rates compared to Oxford Street, with Burberry expected to benefit from a 37% drop.<\/p>\n Followed by H&M and Arket, which will see their rateable value fall by 35% next April and & Other Stories, benefiting from a 25% fall.<\/p>\n