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Property bosses warn Healey's £1bn 'office tax' on London skyscrapers would be an 'attack on growth'

The City of London's financial district, where around 9,000 properties could face a £1bn business-rates surcharge on high-value offices under plans Chancellor John Healey is expected to announce at his October 28 Budget.
The City of London's financial district, where around 9,000 properties could face a £1bn business-rates surcharge on high-value offices under plans Chancellor John Healey is expected to announce at his October 28 Budget.

Business chiefs are urging Chancellor John Healey to abandon plans to increase business rates on high-value office buildings, cautioning that a £1bn rise ahead of his October 28 Budget could drive international companies away from London. The proposed surcharge would target commercial buildings with a rateable value above £500,000, with Canary Wharf and the Square Mile set to be the hardest hit. Tax firm Ryan estimates around 9,000 properties in London and the South East would fall within its scope.

City Property Association chair Nikki Dibley warns the plan risks 'weakening the UK's competitiveness at exactly the moment we should be' building it.

BusinessLDN chief John Dickie says hiking taxes on large offices risks 'undermining the UK's ability to attract international investment.'

Retail high streets, the hospitality industry and warehouses are all reportedly in line for exemptions, leaving London's main business districts to bear the entire burden.

MoreCity A.M.Healey’s £1bn London office raid would be ‘attack on growth’The TelegraphHealey eyes £1bn raid on London officesEvening StandardBosses warn Chancellor John Healey not to hit London with £1bn 'office tax' rise
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