Simon Moffatt, Lead Partner – Business Rates Consultancy at Vail Williams, comments on the draft list of new property valuations released last Friday, ahead of the 2017 revaluation: “The draft List release shows VOA (Valuation Office Agency) significantly hitting modern space in a number of South East towns, but assessments lowered on many older properties (but not necessarily low enough!).
“The government’s latest consultation paper also proposes a lower multiplier for the 2017/18 rate year, when many professionals had predicted an increase. This important element for calculating rates liability is estimated to be 46.7p for small businesses, with a ‘standard’ large business multiplier of 48.0p (both falling by 1.7p); This is a move seemingly financed by a steep first year percentage jump for larger businesses receiving a significant increase in liability from April, under the proposed Transitional Scheme for England.”
