With RPI standing at 2.3% in September 2014, business rates bills are set to increase by a minimum of 2.3% from April 2015. Estimates are that assessments with RV £18,000 or more will be charged 0.493p in the £ and smaller assessments at 0.482p.
With elections upcoming the Government may offer to add to the temporary measures introduced last year with further incentives or capping of the increase. Any announcement is likely to be made in the Autumn Statement in December 2014.
Turning to the delayed revaluation, the Government has confirmed the antecedent valuation date for the 2017 List will be 1 April 2015. Therefore all commercial property will be revalued, effective from April 2017, having regard to prevailing rental values as at April 2015. Consequently, any transactions occurring at the current time and up until next April will form the basis for the revaluation.
It is expected that in the latter half of 2016 a draft Rating List will be issued to ratepayers outlining their new Rateable Values, which will enable them to identify any obvious errors, inform their agents and potentially budget for the revised liability.
Stratton Creber Commercial advises on all aspects of Business Rates matters and undertakes appeals on behalf of international, national, regional and local ratepayers across all property types.
Tom Neville BA (Hons) MRICS
RICS Registered Valuer