London's Summer Season Swelters Under 5 Year Tax Hike

Friday, June 9, 2017

London’s Summer Social Season comprises a number of quintessentially British social and sporting events that take place during the summer each year, but our data shows shows that 7 of the most popular events are set to face a £12million 5 year tax hike.

Our analysis looks at Wimbledon, Wembley Stadium, Chesterton’s Polo in the Park, Queen’s Club, Henley Royal Regatta, Stoke Park, and Lords Cricket.

We know that these 7 premises had a combined Rateable Value of £17,381,500 based on the last property assessment in 2010, which has formed the basis of rates bills for the last 7 years, but this has increased by 26.5% to £21,995,000.

As a result, we project that the amount payable under the new Rateable Values averaged out over the next 5 years represents a £2.4million per year increase in tax; a £12million 5 year tax hike.

Wimbledon sits top of the elite event calendar and our data shows that it faces a £5.7million 5 year tax hike. Its Rateable Value has increased by 32%, from £6,850,000 in 2010 to £9,000,000 in 2017, which subsequently adds, on average, an extra £1,144,350 per year in business rates tax.

We believe that Wimbledon will have to sell an EXTRA 2million punnets of strawberries and cream in order to fund its 5 year rates tax hike.

Lords Cricket Ground is second in the business rates losers table and is facing an almost £3M 5-year tax hike alone.

Of these socialite events, the Henley Royal Regatta is facing the lowest 5 year tax hike; just shy of £11,000.

London’s Summer Calendar is jam-packed with events which showcase the true essence of our Capital; the great outdoors, competition, Pimms and elaborate headwear.

That’s why it’s so disheartening to hear that the premises in which the most popular events are held in are facing burdensome rates bills following the great rates shake up.

With that in mind, it’s important for owners to remember that it is possible to challenge these new assessments with professional, informed and experienced support.

London’s Summer Season event and their 5 year tax hike:

WIMBLEDON

£5,721,750

LORDS CRICKET

£2,934,285

WEMBLEY STADUIM

£2,420,040

STOKE PARK

£578,775

CHESTERTON’S POLO

£331,995

QUEENS CLUB

£184,010

HENLEY ROYAL REGATTA

£10,980

TOTAL COLLECTIVE 5 YEAR TAX HIKE

£12,181,835

SOURCE- CVS BUSINESS RENT & RATES SPECIALISTS