More needs to be done on business rates

National commercial property consultancy Lambert Smith Hampton (LSH) contends that whilst the announcement in today’s Autumn Statement that a wide scale review of business rates is being undertaken is to be welcomed, more needs to be done to support businesses paying a tax based on valuations set at the height of the economic boom.

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Paul Nash, Regional Head of Rating, commented: “Whilst this review is welcome, the postponement by the government, in autumn 2012, of the next Revaluation for two years means that needed change cannot be delivered before April 2017.

“It would be much more equitable for businesses around the country for the government to re-assess rates on a more frequent basis, and to remove the imposition of full rates on empty commercial and industrial properties.

“Until we move to a fairer system for all businesses, for many today’s announcement could be too-little, too-late.”