The Valuation Office Agency (VOA) , in its latest report, indicates that the boom days of commercial property are coming to an end.
Total floorspace, a key matrix for the calculation of business rates, reveals the start of a decline in 2021, which (Commercial Property Advisors predicts) is set to continue.
Yet there is no indication that government is about to attenuate the impact of its unpopular property tax, despite protestations from wide sections of British industry and commerce.
Commercial Property Advisors (CPA), consultants in business rates, predicts that the decline in the number of properties (witness the loss of taxable floorspace occasioned by continuing closures of major retailers) will create an increasing negative impact on the overall tax take.
With revenue declining, government is faced with a dilemma, which has been lurking for years: continue to raise the multiplier to stabilise revenue, or look elsewhere for another tax base.
CPA strongly recommends that government recognises that online commerce should come into serious scope for taxation, being financially in rude health.
Meanwhile, spare our non-domestic properties the burden of unbearable taxation. You can kill a willing horse.
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