More than 55,000 retail properties face a further business rates rise this April.
A survey from Altus Group shows that 55,467 premises will face above-inflation increases of 3% for the 2018/19 year, which starts in April.
To ease the financial burden, business rates increase annually in line with the Consumer Price Index (CPI), which is currently at 3%. However, thanks to transitional relief measures, which introduce large rates rises gradually over five years, some retailers will be paying additional increases.
The caps for annual rate increases are 7.5% for small properties, 17.5% for medium-sized and 32% for large properties – plus the 3% rise from the CPI.
Altus predicts that 35,600 small retail premises, 17,399 medium-sized stores and 2,468 large shops in England will all be hit with rates rises greater than 3%.