Business rates are to be revised in England, Scotland and Wales on 1st April 2017, based on the rental market in 2015.
The 2017 Rating Revaluation will set a new rateable value for all properties subject to business rates nationwide and will determine rates liability for the next 5 years in Scotland and Wales, but has changed to 4 years in England.
With this revaluation there are also significant changes to the appeals process which has placed a greater emphasis on the ratepayer or their agent to provide more detailed information before being able to appeal the revised Rateable Value.
The new system
The new system involves a three stage process which is as follows:
- Check – This requires factual survey information to be checked against the information used by the Valuation Officer to produce the 2017 valuation if no agreement can be reached the process moves the next stage.
- Challenge – This requires further supporting information and evidence along with a proposed valuation based on the information provided if this cannot be agreed the process moves to the formal appeal stage.
- Appeal – this stage gives access to the Valuation Tribunal where for the first time a fee will be payable to lodge the appeal.
• 30 September 2016 – publication of draft 2017 Rateable Values
• Late 2016/2017 – UBR and transitional phasing details confirmed
• 31 March 2017 – Last day to appeal the old list 2010 Rateable values
• 1 April 2017 – Revaluation takes effect and the appeals process can be started
How we can help
For existing and new clients our services include the following:
- We can identify all 2017 draft rating list rateable values.
- Provide budget forecasts for changing rates liability from 1st April 2017.
- Examine “new” assessments in detail in order to notify the Valuation Office of any obvious errors.
- Provide factual and rental information in the correct format to avoid the possibility of misinterpretation and potential for increased liability.
- Undertake a Portfolio review with appeal recommendations.
Rapleys has provided specialist business rates advice for over 30 years and having successfully reduced clients operational costs over successive revaluations.
We have a loyal client base which is testament to our friendly, practical and cost effective service, providing strategic advice to our clients.
Find out more
View our brochure to find out more about how we can help you with the 2017 Revaluation
Get in touch
If you should wish to discuss the implications of the Revaluation or require any further information please contact one of our rating team: