Police Stations, NHS Hospitals Among Properties Facing Business Rates Hikes

The business rates reforms announced in the Budget will see a new levy placed on NHS hospitals, police stations, and universities, analysis suggests. Data by commercial real estate intelligence firm Altus Group released on Monday showed that hundreds of NHS and higher education properties will be subject to higher taxes next year. It follows the changes announced by Chancellor Rachel Reeves in her Budget statement last week, in which she vowed to reform the current business rates regime to ease the burden on smaller high street firms and operators. Business rates are calculated by multiplying a property’s rateable value, as assessed by the Valuation Office Agency, with a government-set multiplier. Various reliefs, such as small business and charitable rate relief, can reduce the amount businesses owe....