3 August 2016

According to a new survey carried out by London Chamber of Commerce and Industry (LCCI), more than two in five (44%) of businesses in the capital say they are worried about the forthcoming revaluation of business rates.

That figure rises to 55% among those employing 10 or more people with a third (34%) of all businesses saying they were unaware of the changes planned for April 2017.

Earlier this year, the Valuation Office Agency (VOA), which gives the Government the valuations and property advice needed to support taxation and benefits, invited businesses to register an email address so that they can be contacted when the draft valuation list is published online.

It is anticipated that this will be on 30 September this year.

The LCCI survey, carried out in partnership with ComRes, found that a lot of firms are still unsure about the Government’s plans.

Nearly half (42%) said they were unsure if giving more control of business rates to London local government would have a positive impact on their business and 40% did not know whether the business rates their business pays were fair.

The Chamber’s Chief Executive, Colin Stanbridge, said: “The results suggest that there isn’t enough clarity around the subject. The Government must ensure that implementation is done transparently and in consultation with the capital’s local businesses who are stumping up or we run a very real risk of businesses shutting up shop and moving out of London.”