City firms face potential doubling of business rate bills
Following a tax revaluation in April, businesses in London could face increases to business rates bills. The Government’s “transitional relief” program could affect rates, according to Tim Beattie, London and South East director at Jones Lang Lasalle.
The new rates are expected to raise City tax rates by 33 per cent over a five-year period, with a total increase of £1.4bn. Some firms fear that the increase will leave them with high tax bills and little time to prepare for such drastic changes.
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