BT Challenges Business Rates Increase
September 30 2016 - 04:44AM
Dow Jones News
LONDON--BT Group PLC (BT.A.LN), the U.K. telecommunications
group, Friday said it is challenging higher business tax rates
levied by the U.K. government.
In a statement, it said the Valuation Office Agency proposed
increasing rateable values to BT of GBP715 million ($926 million)
in England and GBP28 million in Wales from April 1 next year, which
compares to the current rateable values of GBP158 million and GBP7
million, respectively.
BT said its rate liability would be phased in over five years,
with the first year's increase being "tens of millions of pounds"
in fiscal 2017.
"BT considers the proposed rateable values to be excessive and
will challenge the VOA on its method and assumptions. BT will also
be responding to the transitional relief consultation," it
said.
Still, BT said its financial outlook for both fiscal 2016 and
2017 is unchanged.
At 0810 GMT, shares fell 1.4% to 386 pence.
--Write to Simon Zekaria at simon.zekaria@wsj.com
(END) Dow Jones Newswires
September 30, 2016 04:29 ET (08:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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