The Valuation Office Agency (England & Wales) and Scottish Assessors have now issued their proposed new Rateable Values (RV) to be effective from 1 April 2017 for a minimum period of five years.
A proposed new Uniform Business Rate (UBR) in Scotland, also known as the Poundage Rate has also been announced and is proposed to reduce from £0.484 in 2016/17 to £0.462 from 2017/18. The large property supplement is to remain at 2.6 pence but the the threshhold above which it applies is set to increase from £35,000 to £51,000 effective 2017/18.
For many businesses, substantial RV increases have been proposed. If you are concerned about the potential impact of the 2017 Revaluation on your own business premises we can advise on individual properties and provide preliminary estimates of 2017/18 rates payable for budgeting purposes.
The proposed new values may be subject to change but we are not anticipating this. In many instances, values have increased significantly and in some cases they have more than doubled. This could present adverse circumstances for a number operators, at least until an appeal can heard (up to 2 years) and the value potentially reduced resulting in reduced payments.
You will receive a new formal Valuation Notice in March 2017 and will have a right of appeal from 1st of April.
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