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The South West Specialists

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Valuation Date for 2017 Rating Revaluation: Confirmed as 1st April 2015

The Government has this week confirmed the valuation date for the 2017 Business Rates Revaluation will be the 1st April 2015.

This means that the Rateable Value (RV) for all commercial premises will be revalued having regard to their rental values as at the 1st April 2015.

In light of the above, if you are agreeing a new rent for an office, shop or industrial unit with your landlord under a rent review, lease renewal or you are extending, acquiring or disposing of accommodation, this will affect your new RV and we urge you to liaise with us.

For premises where the RV is assessed having regard to trading receipts (for example. Hotels, Holiday Parks, Public Houses plus many more) the Valuation Office will be considering the three years accounts leading up to 1st April 2015, so the 2014 summer season will be very influential in the 2017 Revaluation.  How was your 2014 summer season?  We would be grateful to hear from you.

There is a great deal of preparation for the Valuation Office in the build up to April 2015 and April 2017.  They have already started issuing ‘Forms of Return’ which request confirmation of lease terms and rents paid, or trading accounts for those properties valued on this basis and you may have already received one.

The responses to the Valuation Office’s ‘Forms of Return’ need to be carefully considered and we are very happy to offer support and even complete such forms on your behalf.

Prior to the new Rating List going live on 1st April 2017, we are expecting the Valuation Office to issue a draft list in Autumn 2016, which will at least give some prior warning to ratepayers and will enable them and their advisors to flag any immediate errors before April 2017.

March 2015 will also see the end of the ‘Transitional Relief’ arrangements under the 2010 List, which phased in the increases as we changed from the 2005 to the 2010 List.  Originally this scheme would have phased RV liabilities up to the original end of the 2010 list, but with the postponement to 2017, we will now see some businesses bearing the full cost of their 2010 RV for two years before the revaluation.  If you have still been receiving transitional relief in 2014/2015 and are concerned about the impact on your rates liability, please do not hesitate to give us a call.

We at Vickery Holman pride ourselves in providing excellent rates mitigation advice, consistently providing our clients with market leading reductions.

If you would like any further information or wish to discuss this matter further, please contact Nicola Murrish nmurrish@vickeryholman.com (01872 245602) for an initial no obligation discussion.