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Robert Hayton, UK president of property tax at real estate adviser Altus Group, explains why the £2m cap on business rates relief from 1 July does not mean that all is lost for the large retail players with big property portfolios.
While this is only half of the story, looking at the capped levels in isolation, it is easy to understand why Frasers Group branded the Budget measures as “worthless” from 1 July. The government will no doubt, say that if all goes to plan with its roadmap out of restrictions, announced on 22 February, that "non-essential" retail will have been open for around 11 weeks, while those sectors most adversely affected will have been rates free for 15 months.