2 APRIL 2020
London Property Alliance (CPA & WPA) has today written to the Chancellor of the Exchequer, Rt Hon Rishi Sunak MP, calling for Government support to enable Central London’s property sector to safeguard against permanent business closures and safeguard UK jobs.
The letter listed three key requests for the Chancellor to consider as a matter of priority:
Financial flexibility: The strongest possible political support and Government guidance to lenders and funders to grant the same flexibility to the property sector as it is providing to tenants which need support through this crisis.
Business Rates relief: Review the NNDR waiver set at £51,000 and below, which is not available to many SMEs in high value areas, particularly Central London. This could be remedied by the application of the Companies Act definition of a ‘small business’ rather than rateable value, or using the definition of a Micro business with 10 or fewer employees.
Rates holiday for unoccupied buildings: The one-year rates holiday is currently only available to occupied property in certain categories of use. This needs to be extended for a defined period to unoccupied space, given the prospect of lettings will be reduced until confidence returns
Read our full letter to the Chancellor here.