Uncertain times in London commercial property
Industry groups appealing for property tax reforms to give relief from impending increase in tax rates
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INVESTORS in London commercial property face a period of uncertainty due to Brexit, higher tax rates and rising interest rates. Tighter scrutiny of opaque offshore corporate investors under the new UK Criminal Finances Bill is another factor, analysts say.
To ease potential pressures, City, retailers and business groups are appealing for property tax reforms and are hoping that Philip Hammond, Chancellor of the Exchequer will announce such intentions in the budget on Wednesday, this week. The acute problem is that rates - of property tax - are based on capital values and rentals rather than turnover of businesses. Rates haven't been raised for seven years, during a time when commercial property prices and rentals have surged.
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