// Convenience stores to bear bigger business rates bill in the revaluation in 2023, Co-op says
// At revaluation, the Valuation Office Agency adjusts the rateable value of business properties to reflect changes in the property market
Co-op property managing director Stuart Hookins has warned that convenience stores could witness a bigger business rates bill in the revaluation in 2023.
Speaking at the Convenience Conference last week in London, he said: “An interesting development and challenge for us all going forward will be business rates.
“We’ve benefited from the relief and the revaluation being pushed back. But we do expect the convenience industry to be hard hit when the revaluation does come in 2023.”
READ MORE: How have convenience stores turned the corner amid Covid-19?
At revaluation, the Valuation Office Agency adjusts the rateable value of business properties to reflect changes in the property market. It is currently contacting businesses to request rental information in preparation for it.
The government will look to keep the business rates “fiscally neutral”, meaning the total sum collected from businesses will not change, according to Hookins.
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