November 28, 2022 6:00 amThe online retail giantfacing huge tax increases in the UK following the Chancellor’s autumn statement, according to new analysis from real estate adviser Altus Group.
New rateable values, which are used to calculate the business rates tax, will be based upon property values as of April 1, 2021, with the Government revaluing more than half a million retail properties across England and Wales. This means the pandemic “winners”, such as online retailers, will see a tax hike while the pandemic “losers”, like physical stores, could see their taxes fall.bricks-and-mortar retailers receive greater support.
One of Amazon’s delivery stations in Longtown, Cumbria, will face a surge in its rateable value by 145 per cent, from £154,000 to £377,500, Altus said. Its overall business rates will rise by around £28.75million next year and could cost the online giant about £100million in extra tax over three years, taking into account inflation and before any tax relief is claimed.In July, it said its total tax contribution lifted to £2.77bn from £1.55bn a year earlier.
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