Earlier Business Rates Re-Valuation

Earlier Business Rates Re-Valuation

14 March 2018
Earlier Business Rates Re-Valuation

Chancellor Philip Hammond announced a surprise change to business rates in his Spring Statement delivered on 13th March 2018, says Marcus Andrews, Chartered Surveyor at Goadsby.

He is to bring forward the next business rates revaluation from 2022 to 2021. From 2022, business rates revaluations were already due to change to three yearly. So the one to be brought in now from 2021, will see the next revaluation in 2024, then 2027, and so on.

Marcus Andrews, at Goadsby says "in his Autumn statement he pledged that we would have 3 year re-valuations in the future. To now bring this forward 12 months is most welcome. It will make the system far more reactive to economic changes in particular towns and locations. It will ensure that business ratepayers’ bills are more quickly corrected in line with market circumstances."

The 2021 revaluation will be based on rental values from around April 2019, as the Valuation Office (VO) - who set Rates - always uses evidence from 2 years earlier. This of course is not too far away. So businesses need to bear this in mind when agreeing rents over the next 12 months on the properties they rent. The rent you settle for may well prove to be compelling evidence to the VO in their 2021 re-valuation.

Of course, the final effects of all of the earlier re-valuation on rate bills will depend on whether the Chancellor again allows transitional arrangements for the changes that occur in 2021. This affects both increases and decreases in rates bills. Transitional relief is not automatic; but was applied to the 2017 List changes.

Should you require any further information or advice please feel free to contact Marcus Andrews FRICS on 01202 550140 or email: marcus.andrews@goadsby.com




Marcus Andrews , Valuations

Related Articles

Community Partner News.....!

22 March

Our very own CEO James Croker and Community Apprentice Scott Curtis, took time out to present a Community Team shirt to Goadsby Estate Agents Managing Director, Paul Stewart recently.

Read more

“Goadsby - you sell and let property, don’t you?”

21 March

Paul Stewart, Managing Director of Goadsby Commercial comments, “Recently there have been a number of stories in the press about large corporations struggling and being forced to close outlets throughout the UK. However, small and medium businesses remain the bedrock of the British economy and the South of England continues to be a very attractive place to live and work”.

Read more

Cook Inspires Children To Make Respect Their Goal

12 March

Steve Cook has been coaching primary school children on the importance of respect and good behaviour.

Read more
Your session will expire in xx.xx
Continue or Log Out