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UNITED KINGDOM – June 2020 CONTENTS SHOPPING CENTRE GIANT INTU ENTERS ADMINISTRATION ........................................................................................................ 2 BUSINESS WASTE: THE FORGOTTEN EXPENSE ....................................................................................................................... 4 KEY POINTS FROM THE NEW CODE OF PRACTICE FOR THE COMMERCIAL PROPERTY SECTOR PUBLISHED BY THE GOVERNMENT IN RESPONSE TO COVID-19 ............................................................................................................................................................... 5 JAVID URGES REORGANISATION AND DEVOLUTION POST-COVID .............................................................................................. 6 ‘REPLACE BUSINESS RATES WITH ONLINE SALES TAX’ ............................................................................................................... 7 UK DEBT IS BIGGER THAN ECONOMY FOR FIRST TIME SINCE 1963 ............................................................................................. 7 THE FINANCIAL RISK AND RESILIENCE OF ENGLISH LOCAL AUTHORITIES IN THE CORONAVIRUS CRISIS ................................................. 9 COURT OF APPEAL REFUSES VALUATION OFFICE AGENCY PERMISSION TO APPEAL RULING ON RATEABLE VALUATION OF COUNCIL-RUN MUSEUM ..................................................................................................................................................................... 10 IS COVID-19 A “MATERIAL CHANGE OF CIRCUMSTANCES” WHICH WOULD JUSTIFY A TEMPORARY REVALUATION OF BUSINESS RATES? ................................................................................................................................................................................. 12 RETAIL FACES AN UNEMPLOYMENT TICKING TIME BOMB ..................................................................................................... 13 MPS BACK WHOLESALERS' CALL FOR BUSINESS RATES RELIEF .................................................................................................. 13 CORONAVIRUS: RESTAURANT BOSSES IN PLEA TO PM FOR HELP ............................................................................................. 14 NEVER WASTE A CRISIS – HOW CORONAVIRUS GALVANISED RETAIL .......................................................................................... 16 BUSINESS RATES GRANT MONEY COULD BE CLAWED BACK, SAYS IFS ........................................................................................ 19 UK MANUFACTURERS CALL FOR BUSINESS RATES BREAK TO AID RECOVERY ................................................................................ 20 'THERE'S A VOLCANO, THAT UNLESS BORIS WAKES UP TO IT NOW, WILL GO BANG' ..................................................................... 21 BORIS JOHNSON URGED TO TAX GIANTS LIKE AMAZON TO HELP AILING SHOPS POST-LOCKDOWN ................................................... 25 HOW U.K.’S $168 BILLION VIRUS AID PACKAGE IS BEING ROLLED OUT.................................................................................. 26 ENGLAND ............................................................................................................................................................. 29 BUSINESS RATES REVOLT: LONDON COMPANIES REFUSE TO COUGH UP DURING LOCKDOWN ......................................................... 29 SADIQ KHAN ANNOUNCES £500MILLION CUTS PLAN TO LONDON UNDERGROUND, MET POLICE AND LONDON FIRE BRIGADE ........... 32 OPENING CERTAIN BUSINESSES AND VENUES IN ENGLAND FROM 4 JULY 2020 .......................................................................... 33 WESTMINSTER DENIES FIRMS BUSINESS RATES RELIEF FOR EMPTY OFFICES DURING LOCKDOWN ..................................................... 34 EXETER CITY COUNCIL SECURES LANDMARK RULING AT ROYAL COURTS OF JUSTICE .................................................................... 35 CORONAVIRUS: TOILET FEARS HAMPER HIGH STREET RETURN FOR SOME .................................................................................. 37 CORONAVIRUS: ENGLAND'S COUNCILS 'FACE LARGE-SCALE' CUTS TO SERVICES ........................................................................... 40 FURTHER SUPPORT NEEDED TO SAVE HIGH STREET RETAILERS, SAYS SPORTS DIRECT CFO............................................................. 41 CORONAVIRUS: SPORTS DIRECT CFO CALLS FOR MORE SUPPORT FOR AILING RETAILERS .............................................................. 42 AFTER COVID WE'RE GOING TO NEED A SERIOUS URBAN REGENERATION PLAN ........................................................................... 43 BUSINESS RATES FIRM THREATENS CLIENTS WITH WINDING-UP ORDERS AND BANKRUPTCY ........................................................... 44 NORTHERN IRELAND ............................................................................................................................................ 46 PROPERTY VALUATION IN AN UNCERTAIN MARKET................................................................................................................ 46 SCOTLAND ........................................................................................................................................................... 48 NORTH-EAST BOSSES WARN OF JOB LOSSES AND COLLAPSE OF FIRMS AS SCOTTISH GOVERNMENT REJECTS BUSINESS RATES RELIEF APPEAL ................................................................................................................................................................................. 48 International Property Tax Institute IPTI Xtracts- The items included in IPTI Xtracts have been extracted from published information. IPTI accepts no responsibility for the accuracy of the information or any opinions expressed in the articles. P a g e | 2 SCOTTISH BAILOUT PUTS TRUMP'S GOLF RESORTS IN LINE FOR £1M TAX REBATE ........................................................................ 49 MORE SUPPORT FOR SMALL BUSINESSES ............................................................................................................................ 50 WALES ................................................................................................................................................................. 51 BIRA WELCOMES BUSINESS RATES REVALUATION POSTPONEMENT IN WALES ............................................................................. 51 CORONAVIRUS: CALL FOR £250M RECOVERY FUND IN WALES ............................................................................................... 52 ______________________________________________________________________________ Shopping centre giant Intu enters administration The owner of some of the UK's biggest shopping centres, Intu, has called in administrators. The firm, which owns the Trafford Centre, the Lakeside complex, and Braehead, said earlier it had not reached an agreement in financial restructuring talks with its lenders. Its centres will stay open under administrators KPMG. The company said shares listed on the London and Johannesburg stock exchanges had been suspended. The significance of Intu's collapse "cannot be understated," said Richard Lim, chief executive of Retail Economics. Intu collapse: What went wrong for the retail giant? The coronavirus lockdown is speeding up a trend towards buying more consumer goods online, he said. He estimates 50% of workers normally can't receive parcels at work. 'Too much retail space' But with many people spending most of their time at home, and car journeys to shopping centres discouraged, many of those people are now ordering via websites. How landlords should react is a difficult question and there won't be a simple solution that will work for every mall, he says. Particularly hard-hit will be shops at large office developments like Canary Wharf if more people are working from home. "It's going to be a really, really tough challenge. There's no getting away from the fact we have too much retail space." While more retailers and shopping centres are likely to close, landlords can offer shorter, flexible leases, he said, to attract retailers with new ideas. The firm said it had appointed three administrators at the KPMG accountancy firm and that "the appointment is expected to become effective shortly". The company was one of the UK's biggest shopping centre groups, with 17 centres in the UK. International Property Tax Institute IPTI Xtracts- The items included in IPTI Xtracts have been extracted from published information. IPTI accepts no responsibility for the accuracy of the information or any opinions expressed in the articles. P a g e | 3 In Nottingham, where it owns the Victoria Centre, shoppers said they hoped stores would remain open. One worker at the local Boots, who didn't give her name, said she didn't know yet whether her shop will be affected. "I think we'll all be worried," she told the BBC. Intu had been struggling even before the coronavirus outbreak with about £4.6bn worth of debt. Intu has a hugely complicated corporate structure. Although the company's gone into administration, its shopping centres haven't. They are separate companies owned by a myriad of banks and lenders. And they've now got the keys. Shoppers aren't likely to notice any real difference in the short term. But buyers will be sought. The jewel in the crown is Manchester's Trafford Centre, followed by Lakeside. But Intu's less-popular malls will prove more difficult to

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