|Since 1 April 1990, Rating Revaluations of commercial property have been carried out every five years based on rental values two years prior. The current 2010 Rating Revaluation is based on 2008 rental values. This date was just before the economic crash, so businesses are aggrieved that rateable values appear to be high when commercial rents have since fallen.The Government has now announced plans to postpone the 2015 rating revaluation in England until 2017, which is expected to receive Royal assent in the next couple of months.Business rates are the third biggest outgoing for local firms after rent and staff costs, so, the Government’s decision has come under heavy criticism from a consortium of groups, including the Association of Convenience Stores, the||British Property Federation and the British Council of Shopping Centres. However the Government requires revenue from business rates to remain level in real terms to finance the Country’s recovery.
From 1st April 2017 there is a rating revaluation which will effect all business premises.
If you require advice on your rating assessment, please call Ian Robertson MRICS on 01782 714004.
Please note that Robertsons rating services fees are cost effective with no up front payment.