Supermarkets Face Potential Loss of £496m Due to Government’s Valuation Office Agency Appeal

  • Government’s Valuation Office Agency appeals Court of Appeal ruling on ATM business rates
  • Supermarkets Sainsbury’s, Tesco and Co-op affected
  • Real estate firm Colliers International calls appeal a ‘costly mistake’
  • Retailers could lose out on £496m refund if Supreme Court takes up appeal

The government’s Valuation Office Agency has lodged an appeal against a Court of Appeal ruling that could see supermarkets lose out on a £496m refund concerning business rates for ATMs. The agency aims to overturn the November decision, which stated that both inside and outside ATM locations should not be assessed for additional business rates. Real estate firm Colliers International has criticized this move as a ‘costly mistake’ that could delay resolution by two years. Supermarkets have 14 days to oppose the application, with Colliers predicting a June 2019 Supreme Court decision on whether an appeal can proceed.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the appeal lodged by the Valuation Office Agency and its potential impact on supermarkets like Sainsbury’s, Tesco, and Co-op. It also includes quotes from John Webber, head of business rates at Colliers International, to provide a perspective on the situation.
Noise Level: 3
Noise Justification: The article provides relevant information about a legal dispute involving supermarkets and business rates for ATM machines but does not offer much analysis or insight beyond the immediate financial impact on the companies involved.
Financial Relevance: Yes
Financial Markets Impacted: Supermarkets (Sainsbury’s, Tesco and Co-op) and real estate firm Colliers International
Financial Rating Justification: The article discusses a financial issue related to business rates for ATM machines in supermarkets, which affects the companies involved and could result in a £496m rebate. It also mentions potential impacts on financial markets through the appeal process and delays in resolution.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk