Big Yellow annual rates bill to jump by almost 9% after budget
Big Yellow Group PLC on Wednesday said it expects its annual rates bill to jump by nearly £2 million following a new business rates system announced in the UK government budget.
The Bagshot, Surrey-based self-storage site operator said 27 of its stores will be impacted by a new higher tax rate on properties worth more than £500,000.
Big Yellow anticipates the high value multiplier will add £1.8 million to its annual rates bill for the financial year ended March 31, 2027. This represents an 8.5% increase to £22.9 million from its current position.
The company said it will appeal the rateable values of some of its properties, and is currently reviewing which ones to prioritise.
Since 2017, Big Yellow said it has reduced the rateable values for 35 of its properties out of 51 appeals which have been concluded.
Coming into force on April 1, the UK government said the business rates multipliers are intended to ‘rebalance the burden’ with revenue from high-value multipliers funding the lower retail, hospital, and leisure multipliers.
Shares in Big Yellow fell 1.5% to 1,074.00 pence on Wednesday morning in London.
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