Capital’s hottest spots set for worst rates rise

London’s fastest-growing shopping areas will be the most heavily punished by the business rates revaluation, data showed today.

From April, business rates — an annual tax firms have to pay on their property — will rocket for thousands of businesses in London because of a government revaluation.

Property agent JLL said demand for space in places such as Dover Street — where designers Victoria Beckham and Christian Louboutin are based — has driven up rents which will have a knock-on effect on rates.

According to its calculations, Dover Street retailers could see their rates leap almost 69% and those based in Burlington Arcade, Old Bond Street and Conduit Street all face an almost 50% rise.

Business leaders and MPs have called on Chancellor Philip Hammond to include business rates reform in his first budget on Wednesday.

JLL’s head of rating Tim Beattie said some international firms are staying away from the capital because of both the high rents and rates.