U.K. Self-Storage Facility Opens With Promotion to ‘Beat the VAT’
|Copyright 2014 by Virgo Publishing.|
|Posted on: 10/23/2012|
Stock N Lock Self Storage Centre, a new £2.5 million ($4 million) self-storage facility in Worcester, England, is offering move-in pricing specials designed to help customers save money on rent and temporarily avoid paying the United Kingdom’s newly implemented self-storage value-added tax (VAT).
One promotion enables customers to rent a unit for 50 pence (about 80 cents) for the first month, while the “Beat the VAT” special eliminates VAT-related storage costs until next summer.
As of Oct. 1, U.K. self-storage operators must charge rental customers a 20 percent VAT as part of the government’s revised budget plan. The new law affects self-storage businesses that previously opted not to charge the VAT and applies to those with annual net revenue exceeding £77,000 (approximately $124,000). The British government expects the self-storage VAT to generate more than $56 million by 2015-16.
Stock N Lock isn’t using just its VAT special to entice customers. The facility also offers customer amenities, including a reception area with complimentary refreshments and WiFi, and free use of a conferencing suite in an adjacent office complex.
The bright-yellow, three-floor facility offers 44,000 square feet of storage space in 680 units. Packaging supplies are also available for purchase.
The property was developed by Lansdowne Rodway Estates, a local residential and commercial real estate developer.