Marina Business Rates U-Turn Welcomed

nuse.

Property consultancy Vail Williams has welcomed a Government U-turn on marinas being excluded from lower rate multipliers in the forthcoming business rates revaluation as a ‘victory for common sense’.

The firm, which acts for a number of the UK’s top marina operators covering multiple sites, is now conveying the news to clients.

This move brings marinas into the same category as retail and leisure businesses such as pubs and restaurants. Business rates will continue to be administered by local authorities.

The Valuation Office Agency (VOA) updated the rateable values of all commercial, and other non-domestic, properties in England and Wales which take effect from 1 April.

The Government announced that from 2026/27, existing business rate relief for retail, hospitality or leisure (RHL) properties would be replaced by a lower rates multiplier to calculate the business rates payable on those properties.

However, marinas were specifically excluded from the RHL lower rates multiplier and faced being subjected to the standard business rates multiplier which applies to non-RHL business properties.

Following a campaign backed by industry body British Marine, the Government has announced a refinement in the Statutory Instrument (SI) defining which properties would be eligible for the new RHL business rates multipliers that will be coming into effect in April.

Dan Tomlinson, Exchequer Secretary to the Treasury announced the change in a letter to British Marine CEO Lesley Robinson. He said:

“I recognise that marinas are distinct from transport properties and that they form part of the infrastructure of leisure activity. Furthermore, the intention has always been for the scope of the new multipliers to broadly reflect the scope of the current RHL relief. Thank you for bringing to my attention that local authorities are currently awarding RHL relief to marinas."

“The Government will therefore be amending the SI ahead of the policy coming into force on 1 April to remove marinas from Schedule 1. This means that marinas with rateable values below £500,000 and that are wholly or mainly used for leisure/recreational purposes will be eligible for the lower business rates multipliers.”

“Ahead of then, the online guidance will be updated, and local authorities will be made aware of the upcoming amendment.”

The reversal means that qualifying marinas will benefit from the 43 pence RHL rate, rather than the standard 48 pence rate.

Vail Williams partner and head of business rates Adam Barnfield said:

“This U-turn can be considered to be a victory for common sense and will benefit the vast majority of marinas which qualify for the lower business rates multipliers."

“However, there have been significant increases in the VOA assessments of the rateable value applied to marinas, with an average 23% increase in values and an additional £5.8 million of rateable value” – which equates to approximately £2.5m in additional revenue for the treasury.”

“Although this is obviously a welcome change in stance from Government, the increase in RV and the removal of the existing retail, hospitality and leisure relief will still have a significant impact on business rates liabilities.”

Ian Froome, Vail Williams partner and head of marine & leisure, added that the upcoming amendment regarding lower rates measures would be welcomed by marina operators as a silver lining, but there would certainly be increased costs all around.

“We cannot say there will be euphoria regarding this refinement in the revaluation process, but it is a cushioning of the significant increases faced by marina operators and should be accepted as such.”

Business rates revaluation 2026.

Categories

Paul Andrews
Jan 13, 2025
3 min read

As Formula 1 celebrates its 75th Anniversary and the sport’s 10-year partnership with LVMH begins, the luxury watch brand, TAG Heuer, will return to the sport as its Official Timekeeper.

With a rich history in Formula 1 spanning over seven decades, and a shared philosophy between the two iconic brands of precision engineering, cutting edge technology and the latest materials, the partnership embodies luxury, innovation, performance, and speed.

TAG Heuer was the first luxury brand to have its logo appear on a Formula 1 car in 1969, the first to sponsor a team in 1971 and, with 230 wins, 595 podiums, 8,882 points, 11 World Constructors’ Championships, 14 World Drivers’ Championships to its name through its associations with teams, it is one of the most successful brands in history to be associated with Formula 1.

The brand’s relationship with current Formula 1 teams began in 1971 when Ferrari needed a timing system for their new test track, Fiorano in Italy, for which they chose Heuer, as the company was known at the time. The relationship ran until 1979, before Heuer continued with a partnership with McLaren in 1985, which would go on to be one of the longest in Formula 1 history, during which time Ayrton Senna, Mika Häkkinen, and Lewis Hamilton all raced for the team. The relationship came to an end after 30 years of collaboration and a year later, in 2016, TAG Heuer partnered with Red Bull.

In recent years under Liberty Media’s ownership, Formula 1 has become one of the most culturally significant and successful sporting championships in the world, with 750 million fans worldwide, more than 90 million followers across social media and a fanbase that is becoming younger and more diverse with 42% of fans now women and 1 in 3 under 35-years-old. The 2024 season saw 1.5 billion viewers tune into an epic season, where the wheel-to-wheel racing went down to the wire in an incredible battle between McLaren and Ferrari for the Constructors’ Championship in Abu Dhabi.

Stefano Domenicali, President and CEO, Formula 1, said: “I am delighted to welcome TAG Heuer as the Official Timekeeper of Formula 1 as they start the next stage of their long history in our sport. With their focus on innovation, accuracy and excellence, they are a natural partner, and I am excited to see how our intertwining heritage can tell new stories for the future as we celebrate our 75th year.”

Antoine Pin, CEO of TAG Heuer, said: “In a sport defined by mental resilience, physical strength, strategy, innovation and performance it is only natural for TAG Heuer to be at the very heart of Formula 1 as Official Timekeeper. With decades of history in F1 connecting us to the most successful drivers and teams of all time, we are honoured and privileged to be the name connected to the very thing that defines the winner: time."

"As Formula 1 and their exceptional team continue to build on the amazing work that has been done to create one of the greatest properties in sport, we are excited to be part of the journey and create new stories to enrich TAG Heuer.”

As the Official Timekeeper of Formula 1, TAG Heuer will have a significant presence both on and off the track, through trackside branding, Fan Zone and Paddock Club activations and new product ranges that encapsulate the drama and excitement of Formula 1.

n.

nuse.

Marina Business Rates U-Turn Welcomed

nuse.

Most Read

Categories

Most Read

Categories

Recent Posts

Become a digital subscriber and support our publication enabling us to continue to share more news, each and every day.