Vickery HolmanVickery Holman

The South West Specialists

Truro t: 01872 245600 Plymouth t: 01752 261811 Exeter t: 01392 203010
SearchSearch Vickery Holman
  • LnConnect on LinkedIn
  • GsJoin us on Google+

Local Authorities able to incentivise and promote business growth

Author

In October’s Chancellor’s Statement, plans were announced for local Governments to be able to retain 100% of local taxes by 2020. This will include the £26 billion of income currently generated from business rates. This follows on from the current scheme which has been in place since 2013, which allowed councils to retain 50% locally, a shift from the previous grant led system which will be phased out.

 

As part of these plans, Local Authorities will be given powers to set their own UBR (Uniform Business Rate, which alongside the Rateable Value determines your rating liability) in an effort to boost enterprise and economic activity in their catchments.  Those Authorities that are able to incentivise and promote business growth will directly benefit from increased rates revenue. 

 

Nicola Murrish, Business Rates Expert at Vickery Holman, comments “There is already a lot of activity surrounding Business Rates, as all rating assessments are being revalued in readiness for the new Rating List in April 2017.  With this amendment I am expecting local Authorities to take a greater interest in Rateable Values and the outcome of appeals in the future, so strong cases will need to be put forward to support any appeal where a reduction is being sought.”

 

The 2017 revaluation process is already under way with the Valuation Office Agency currently issuing and collating the responses from the questionnaires being sent to all rate payers.  We are expecting draft RV’s to be issued in October 2016, before the new Rating List goes live on 1st April 2017.

For a free half hour consultation to see if you could save money on your Rates bill please contact your local Vickery Holman office and speak to one of our experts.

 

Nicola Murrish 01872 245602 nmurrish@vickeryholman.com

Sam Payne 01752 234129 spayne@vickeryholman.com

Mark Pellow 01392 203010 mpellow@vickeryholman.com