// John Lewis and Marks and Spencer on Oxford Street will see their rateable value drop by nearly 60% next April after the government unveiled its transitional business rates relief scheme as part of the autumn budget
// Selfridges, Harrods, Reserved and Adidas on Oxford Street are also set to see their rateable value fall by at least 40%.
The Oxford Street branch of John Lewis will see its rateable value fall by 60% from £16.5m to £6.6m next year, according to data from Colliers.
Marks and Spencer’s store on 456-472 Oxford Street is expected to see a 58% fall in its rateable value from £9.2m to £3.9m.
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Over half a million retail properties across England and Wales have now been revalued with new values based on market rates, which will be used to calculate business liabilities from 1 April 2023.
Last month, the government’s autumn budget unveiled a number of initiatives to help support retailers.
Chancellor Jeremy Hunt introduced a transitional business rates relief scheme, a freeze on multipliers and increased support packages.
However, the next revaluation of rates will go ahead in April 2023, which Hunt warned could result in increasing costs due to inflation.
Hunt said business rates multipliers would be frozen from 2023/24 at 49.9p and 51.2p and also unveiled a transitional relief scheme, which will cap increases caused by the increase in rateable value at the next valuation.
The “upward caps” will be 5%, 15% and 30% respectively for small, medium, and large properties in 2023/24. They will be applied before any other reliefs or supplements.
Retailers on Regent Street will see a smaller drop in its business rates compared to Oxford Street, with Burberry expected to benefit from a 37% drop.
Followed by H&M and Arket, which will see their rateable value fall by 35% next April and & Other Stories, benefiting from a 25% fall.