// Harrods to see £15m drop in business rates assessment
// Harrods’ Knightsbridge store will see its rateable value cut nearly in half
Harrods is expecting to benefit in the government’s shake up of business rates.
Chancellor Jeremy Hunt said last week that April’s revaluation would go ahead, altering bills in line with changes in the rental market.
Harrods’ Knightsbridge store will see its rateable value drop by 45% from £32.73 million to £18 million next April.
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The reevaluation will see properties given new “rateable values” based on how much they are worth, for the first time since 2015. Luxury department stores will see sharp reductions in the bills they face.
More than half a million retail properties across England and Wales have now been revalued with new rateable values, which will be used to calculate business rates liabilities from 1 April 20023 to 31 March 2026.
More than 400,000 small shops, the vast majority of all retail sector properties, will see their rateable values fall by 8.4% with rateable values across the entire retail sector falling by 10% overall as a result of the revaluation.
