BT Group PLC VOA publishes draft rateable values for BT (3196L)
September 30 2016 - 3:54AM
UK Regulatory
TIDMBT.A
RNS Number : 3196L
BT Group PLC
30 September 2016
VOA publishes draft rateable values for BT
The Valuation Office Agency (VOA) has proposed rateable values
for companies in England and Wales, for use from 1 April 2017. It
has applied rateable values to BT of GBP715m in England and GBP28m
in Wales, which compares to the current rateable values of GBP158m
and GBP7m, respectively. The rate liability payable is calculated
by applying a percentage multiplier to the rateable value. The
Department for Communities and Local Government (DCLG) has
indicated that the multiplier will reduce to around 48% from around
50% currently. The DCLG is consulting on transitional relief
arrangements. Under the Government's preferred transitional relief
approach, the change to BT's rate liability would be phased in over
five years, with the first year's increase being tens of millions
of pounds in 2017/18.
The vast majority of the rate liability is attributed to
regulated markets in Ofcom's charge controls.
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.
BT's financial outlook for both 2016/17 and 2017/18 is
unchanged.
Enquiries
Press office:
Ross Cook Tel: 020 7356 5369
Investor relations:
Carl Murdock-Smith Tel: 020 7356 4909
About BT
BT's purpose is to use the power of communications to make a
better world. It is one of the world's leading providers of
communications services and solutions, serving customers in 180
countries. Its principal activities include the provision of
networked IT services globally; local, national and international
telecommunications services to its customers for use at home, at
work and on the move; broadband, TV and internet products and
services; and converged fixed-mobile products and services. BT
consists of six customer-facing lines of business: Consumer, EE,
Business and Public Sector, Global Services, Wholesale and
Ventures, and Openreach.
For the year ended 31 March 2016, BT Group's reported revenue
was GBP19,042m with reported profit before taxation of
GBP3,029m.
British Telecommunications plc (BT) is a wholly-owned subsidiary
of BT Group plc and encompasses virtually all businesses and assets
of the BT Group. BT Group plc is listed on stock exchanges in
London and New York.
For more information, visit www.btplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFEDAFIIVIR
(END) Dow Jones Newswires
September 30, 2016 03:54 ET (07:54 GMT)
Bt (LSE:BT.A)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bt (LSE:BT.A)
Historical Stock Chart
From Apr 2023 to Apr 2024
