22 February 2017

Business Rates Revaluation - How Will It Affect Your Business?

All commercial and industrial property located throughout England, Scotland and Wales has been revalued by the Valuation Office Agency (VOA) in connection with the 2017 Rating Revaluation with the list publication date being 1st April 2017.

Business rates are currently based on values from 1st April 2008, when the property market was at its peak, following a period of sustained growth over a number of years. The 2017 Revaluation, however, will be based on values existing as at 1st April 2015.

The draft Rating List was published on the 30th September 2016 and the Government have recently published documentation providing estimates of the change in Rateable Values as a result of the 2017 Rating Revaluation. The percentage change in England across all sectors is +9.1% which is considerably above the level originally predicted across the industry, with London the hardest hit region with increases of +22.8%.

There is no right of appeal until the Rating List has been published on the 1st April 2017. However, representations can be made up to the 30th November 2016 in order to influence any entry into the Rating List where there is evidence that the draft List figure is excessive.

As a result of the above changes the uniform business rate (the multiplier) is expected to be reduced with current estimates of 48.0 p for the standard rate.

For more information from BPIF member Lambert Smith Hampton click here

Source: Lambert Smith Hampton - www.lsh.co.uk