🎄 Hold onto your Santa hats! 🎅 Major Christmas attractions are gearing up for a tax hike come April, thanks to a business rates overhaul. Big names like Winter Wonderland in Hyde Park and Hamleys’ famous toy store will feel the pinch, with tax bills skyrocketing. Winter Wonderland alone will see its rates soar from £555,000 to over £721,500 next year!
The changes come after the Chancellor decided to end the 40% rate discount for retail, hospitality, and leisure businesses on March 31. Instead, a new regime will set rates 5p lower than standard, without any cap for support. But here’s the kicker: new property valuations will dictate the rates, leading to spikes for many attractions.
Lapland UK in Ascot will witness its rateable value jump from £150,000 to an astonishing £1.87 million. Camden Stables Market won’t escape this icy wind either, as its annual bill is projected to increase from £699,300 to £909,090. Meanwhile, London’s Waterstones store will see some relief with almost a 45% drop in bills, saving them around £828,000.
The big question remains: do these figures truly reflect seasonal rentals, or is there more at play? The balance is crucial, especially for attractions with a temporary charm. Across the UK retail landscape, there’s a mixed bag of outcomes as businesses brace for these changes.
Are you a fan of these Christmas hotspots? Let us know how you feel about this news in the comments below! 🎢🎁 #ChristmasTaxHike #WinterWonderland #BusinessRates #LondonAttractions