Retailers on Oxford Street are expected to see lower business rates bills
(Picture: AP)Retailers on some of central London’s most popular shopping streets could see £96 million slashed from their collective business rates bill this year, as a long-awaited change to a property tax comes into effect.
Firms with shops on Oxford Street, Regent Street, Bond Street, Kensington High Street, King’s Road, Knightsbridge and in Covent Garden will pay an estimated £222 million in business rates in the financial year to April 2024. That is down 30% from the prior 12 months, new research from property agent Knight Frank shows.
