top of page

Marina Business Rates U-Turn Welcomed



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.


Most Read

Azets Grows Corporate Finance Team With London Hire

Azets Grows Corporate Finance Team With London Hire

UK top 10 accountancy firm Azets has boosted its London Corporate Finance team with a new hire as business demand grows.

Furniture Village Doubles Its Footprint At Prologis Park

Furniture Village Doubles Its Footprint At Prologis Park

Furniture Village has opened a state-of-the-art National Distribution Centre at Prologis Park Marston Gate, marking a significant milestone in a year of strong growth and long-term investment.

Bechtel Secures Contract Extension At Waste Isolation Pilot Plant

Bechtel Secures Contract Extension At Waste Isolation Pilot Plant

Bechtel announced it received a three-year extension from the U.S. Department of Energy (DOE) to continue managing and operating the Waste Isolation Pilot Plant (WIPP) in Carlsbad, New Mexico.

Categories

  • Writer: Paul Andrews
    Paul Andrews
  • Oct 11, 2023
  • 2 min read

Williams Racing is thrilled to announce a multi-year global partnership with sportswear giant PUMA from the 2024 Formula 1 season. This exciting collaboration will see PUMA come onboard as Official Partner of Williams Racing, which will see them providing official team kit and driver racewear as well as manufacturing and distributing replica apparel and accessories.

As a global sports brand, PUMA has been at the forefront of athletic innovation for 75 years, and will provide a full teamwear service to Williams. With a rich history in motorsport spanning over two decades and renowned for supplying technical apparel that meets the highest FIA standards for fire protection without compromising on comfort, PUMA has consistently pushed the boundaries of innovation.


Williams Racing, with an illustrious heritage that boasts an impressive 16 FIA Formula 1 World Championship titles, 114 race wins and 128 podium finishes, joins forces with PUMA to celebrate a shared passion for motorsport and a vision for the future.


PUMA's partnership with Williams Racing marks a significant milestone in its ongoing journey in the world of Formula 1. Together, they aim to inspire a new generation of motorsport enthusiasts and showcase the perfect blend of performance and style.


PUMA's subsidiary, stichd, will also play a pivotal fulfilment role in the partnership. stichd will leverage its global rights to design, produce, and distribute a range of Williams Racing replica apparel and accessories for fans of all ages.


With the support of both PUMA and stichd, Williams Racing replica team kit, special edition team apparel and other Williams inspired items will be distributed trackside at races as well as within selected PUMA stores worldwide, further amplifying the global appeal and reach of the Williams Racing brand.


Johan Adamsson, Global Director Sports Marketing & Sports Licensing, PUMA explains: “We are excited to start this new collaboration which is a perfect fit for PUMA with Williams Racing long-lasting and successful legacy in Formula One."


"The iconic and prestigious attitude of Williams Racing supports and fosters PUMA´s visibility and approach to be the number one sports brand in Motorsport. We will supply the best standards of race gear and teamwear to the drivers and team and together with our subsidiary stichd we will offer replica and fanwear to the avid Williams Racing fans, consumers and Motorsport enthusiasts from 2024 onwards.”


Paul Asencio, Chief Revenue Officer, Williams Racing added: “Williams Racing is honoured to welcome PUMA as an official partner. PUMA’s dedication to excellence and performance in motorsport perfectly complements our team's values. We look forward to bringing the thrill of Formula 1 closer to fans worldwide through an exciting new range of apparel and accessories from 2024 and beyond."


Most Read

Azets Grows Corporate Finance Team With London Hire

Azets Grows Corporate Finance Team With London Hire

UK top 10 accountancy firm Azets has boosted its London Corporate Finance team with a new hire as business demand grows.

Furniture Village Doubles Its Footprint At Prologis Park

Furniture Village Doubles Its Footprint At Prologis Park

Furniture Village has opened a state-of-the-art National Distribution Centre at Prologis Park Marston Gate, marking a significant milestone in a year of strong growth and long-term investment.

Bechtel Secures Contract Extension At Waste Isolation Pilot Plant

Bechtel Secures Contract Extension At Waste Isolation Pilot Plant

Bechtel announced it received a three-year extension from the U.S. Department of Energy (DOE) to continue managing and operating the Waste Isolation Pilot Plant (WIPP) in Carlsbad, New Mexico.

Categories

Big Bear Plastics Roars Forward With £2M Investment

Big Bear Plastics Roars Forward With £2M Investment

A female industry leader, who was behind one of Harrods’ most successful marketing campaigns, is setting her sights on expansion after completing a £2m investment drive.

Historic City Pub To Reopen Following £1.8M Transformation

Historic City Pub To Reopen Following £1.8M Transformation

Independent family brewer and pub company Shepherd Neame is to reopen landmark Farringdon pub The Hoop and Grapes in February following a £1.8m transformation.

Hendy Opens New And Used Van Centre In Dorset

Hendy Opens New And Used Van Centre In Dorset

Businesses in and around Dorset can now explore, test drive and purchase new Kia vans, as well as used vans from a range of other manufacturers, as Hendy opens the doors to its dedicated Van Centre.

Recent Posts

bottom of page