L24043a-T-TG Economic support on Business Rates

London Luton airport LLA pays non-domestic rates to Her Majesty’s Government based on a rateable value RV estimated by the Valuation Office Agency VOA. The VOA has indicated that LLA will be moved to a Receipts and Expenditure Basis R and E from the current Contractors Basis.LLA has a retained specialist real estate advisor who assisted with negotiations on the 2023 valuation, these advisors remain appointed and are engaged to work on the 2026 valuation to mitigate any increase. However, considering the potential increase in cost, LLA is also seeking an economic advisor to work alongside the retained advisor to minimise the impact of any potential increase in RV for the 2026 valuation.LLA is seeking for the chosen economic advisor to:1. Work alongside the retained advisor to add an alternative perspective on how to reduce the RV.2. Undertake a detailed review of the part of the RV calculation that considers tenant’s assets and depreciation, and analysis of the VOA’s estimates of