Shops need help from amended Valuation Act

There is an urgent need for the Minister for Finance to amend the Valuation Act 2001 to allow the business community to improve their shops without excess increases in valuation.

As we are all aware financial institutions are investing in properties in the larger communities and renting them in larger businesses. These cheque-book tycoons can then avail of Corporation Tax Relief and in some cases, rates relief for a ten year period.

In order to compete smaller businesses have to extend and modernise their premises. However, they would be unable to do this as such improvements would result in their being penalised by an increase in their valuations. These increases would further damage their prospects of competing with the larger businesses.