Companies facing loss of £2.8bn payout due to proposed business rate appeals cut-off date
The Government is considering plans to halt new business rate appeals that would deny companies access to a £2.8billion payout pot, sources revealed on 11th August 2019.
It is understood the Government sees ‘clear benefits’ to implementing a cut-off date for appeals over the property tax charges which were set in 2017. Property market sources said the final date was rumoured to be March 31.
The move would bring certainty to council finances which have suffered years of cuts to their budgets.
But at the same time, it would halt retrospective appeals from businesses struggling to cope with rising bills. Those that have been hardest hit by rising business rates include high street retailers.
A spokesman for the Ministry of Housing, Communities & Local Government said:
“The Government recognises the importance of providing certainty for both ratepayers and local government. We are considering arrangements for the 2017 rating list and will set out our position in due course. No decision has been taken on the cut-off date.”
Business rates are limited by law. Any money from the fund not returned to businesses is likely to be given to councils.