2017 Revaluation – Draft Rating List Live from Friday 30 September
This Friday sees the draft 2017 Rating list available to check the new Rateable Values for nondomestic premises which will be effective from 1st April 2017.
This revaluation is long awaited and follows the two year postponement from April 2015, with current rates bills being based on pre-recession values from April 2008 and the economic downturn that followed.
Nicola Murrish, Associate at Vickery Holman, comments that “we are expecting significant adjustment to Rateable Values, with a mix of increases and decreases dependent on property type and location. We still await confirmation of further information over the coming months before ratepayer’s liability can be confirmed, in particular the Government’s transitional relief scheme which will phase in any increases and decreases in RV.”
The Business Rates System has been the subject of an overhaul with a new ‘check, challenge and appeal’ system in place from next April. It is anticipated that this will increase the burden on the ratepayer and their advisors to substantiate any claim for a reduction in considerably more detail than the present regime. The proposals also include charges for the RV to be appealed to the Valuation Tribunal and hidden amongst the small print proposals to prohibit the tribunal from altering an RV unless it is ‘outside the bounds of reasonable professional judgement.’
Never has there been so much uncertainty and change in the field of Business Rates and we recommend that ratepayers seek professional advice from Royal Institution of Chartered Surveyors’ regulated firms.