The British Property Federation has warned that the United Kingdom’s leading laboratories and R&D hubs could be hit with a 50 percent increase in their business rates bills next year — amounting to more than £50 million ($66 million) additional tax payable annually — which could undermine government efforts to attract and retain global life sciences companies.
Business rates bills are calculated by multiplying the “rateable value” of a property, which is linked to the rental value, by the “multiplier,” which is in effect the level of tax set by the government, and deducting any relevant reliefs.
At the Autumn Budget, the government is expected to announce two new permanently lower business rates multipliers for smaller retail, hospitality and leisure businesses funded by a higher rate for all businesses in higher-value properties (more than £500,000 ($664,000) rateable value), which would include larger labs and R&D facilities. The legislation a
