It instigated a review of all 55 UK ports – and, lo and behold, 600 businesses have now been added to the 1,670 it previously rated.
Then it stung them with bills, backdated to 2005 – the latest rating date in five-yearly assessments.
As the occupation of a port is clearly of some benefit to the occupier, there is not likely to be any issue in relation to the third point.
It is very pleasing to note that, now in office, the coalition government has delivered on the commitment to support port businesses and we obviously welcome the part of the Localism Act Mr Rumsey said: “This issue has been hanging over the industry and local port businesses for the last four years, during the worst economic crisis this country has faced.None of the businesses could have foreseen what was coming, so had no chance to pass on the extra costs to their customers. Which may explain why it has been inundated with hundreds of appeals from the freshly-rated new companies, outraged at the size of their bills. His two small businesses in the Port of Goole on the Humber have received a backdated bill of just under £1m and an ongoing liability of £350,000 a year – somewhat hefty for businesses with a joint annual turnover of just £2.5m.Over at Birkenhead, his Mersey business is getting a retrospective bill of around £2m and an ongoing liability of £500,000 a year. The situation has been repeated up and down the country, with port companies being advised by accountants that putting such liabilities through the books would leave them technically insolvent.Historical performance PORT enables you to: Performance attribution Understand why your portfolio outperformed or underperformed a benchmark over a historical time period and analyze how the structure of your portfolio contributed to your active performance.Leverage our proprietary risk models to assess how various risk factors contributed to your portfolio’s performance.
Without consultation, the VOA has landed 600 port companies with rates bills controversially backdated to April 1 2005 that are estimated to total £50m-£75m – a monster sum for an industry already struggling to keep its head above water. Quite simply that the VOA has belatedly worked out that it got its previous ratings wrong and, citing its statutory duties, has decided that there is no time quite like a recession to put that right.