Exmouth market future saved
THE future of Exmouth market looks to have been saved. Jerry Miller, who runs the award-winning shopping centre, has been told the Valuation Office Agency will not charge business tax to each of its stallholders. Speaking to the Journal last December, he
THE future of Exmouth market looks to have been saved.
Jerry Miller, who runs the award-winning shopping centre, has been told the Valuation Office Agency will not charge business tax to each of its stallholders.
Speaking to the Journal last December, he feared the market's traders could struggle financially and ultimately, the complex could close if the agency decided to make everyone pay business rates.
Mr Miller has been told by the body, which is affiliated to the Inland Revenue and responsible for setting the rates, they would not change the market's position as a sole trader.
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Delighted with the news, he said: "We are over the moon that it is not going to be put through as are all the traders. We can now look forward to a long and bright future."
With the market registered as a sole trader, Mr Miller pays the business tax for the entire centre.
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Exmouth Market celebrates its 30th anniversary this year.
Under the current business rate calculation process, the market is given a rateable value which is reviewed every five years by the VOA.
The rate is also calculated using a multiplier set by the Government. This determines the percentage, expressed as pence in the pound, to be paid. Local authorities then use the VOA's assessment to calculate a bill.
Before he was told of the decision, Mr Miller said: "If the VOA did put through a new valuation on us and Exmouth continues to trade as it has done for the last year or two, we wouldn't I'm afraid to say have much of a future.
"It has been terrifying me now for the last 18, 24 months. It is a big, big worry."
A spokesperson for the VOA said: "We are pleased that the review to establish who should be liable for business rates in Exmouth Market has been concluded.
"After careful consideration it has been decided that there should be no change and the rates liability should remain with the market operator.
"We would like to thank the operator and local traders for their patience and help in bringing this to a close.