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BUSINESSES ADVISED TO ACT FAST AS 2017 REVALUATION LOOMS

Business owners across the UK are being reminded that time is running out for them to address their new Rateable Values before they come into force in April.

Further to the Valuation Office Agency publishing the Draft 2017 Rating List, and advising all ratepayers of their new rate bills in advance of April 1st 2017, businesses have until the end of March to check their proposed Rateable Value.

Nigel Fletcher, of Harris Lamb’s rating team said: “The new Rateable Values were published on September 30th, based on the Valuation Officers’ estimate of a property’s rental value as of April 1st 2015. These will replace the current Rateable Values which are based on market conditions on April 1st2008 – a period of seven years in which the UK property market has seen enormous shifts.

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Harris Lamb’s Rating team

 “The aim of the revaluation is to reflect these shifting market conditions, and produce a fairer rebalanced spread of the tax from both a geographical and market sector perspective.

He added: “Industrial properties are also experiencing a shift in values. Initial reviews suggest an east/west divide, with Rateable Values in central and western locations rising, on average by over five per cent, with values to the east and south east of the country falling by a similar average.

With the Government’s consultation period for the controversial Check Challenge Appeal procedure, which proposes a dramatic overhaul of the current rating appeal system, closed in October, and its conclusions are eagerly awaited, Nigel said: “Given the proposed changes, it is vital that Ratepayers make the most of the next few weeks and seek professional advice to ensure their interests are protected and the necessary budgeting requirements are put in place.

“Businesses are also reminded that the introduction of the new Rateable Values signal the closure of the current 2010 list, and ratepayers’ ability to appeal against their current RVs will be significantly restricted.

“With just over three months to go before the new Rateable Values are introduced, businesses really are facing a battle against the clock to review current and future charges,” he added.