Business owners across Nottingham and the East Midlands are being urged to take prompt action to address their new Rateable Values before they come into force in April by Rating specialists Harris Lamb.
The Valuation Office Agency has now completed the Draft 2017 Rating List, and all ratepayers will be receiving new rate bills in advance of April 1st 2017, with these new Rateable Values forming the basis of the demands.
Victoria Trafford, who heads up Harris Lamb’s Nottingham office, said: “The new Rateable Values were published on September 30th and are based on the Valuation Officers’ estimate of a property’s rental value as of April 1st 2015. These will replace the current Rateable Values which are based on market conditions on April 1st 2008 – a period of seven years in which the UK property market has seen enormous shifts.
“The aim of the revaluation is to reflect these shifting market conditions, and produce a fairer rebalanced spread of the tax from both a geographical and market sector perspective.
“The continued success of the London Market has seen Rateable Values substantially increase, whilst towns and cities outside of the M25 have seen more moderate increases and in some cases, even decreases – The High Street was hoping for some respite, and we have seen significant reductions in many, however this is not across the board as we have noted towns where retail Rateable Values have increased,” she said.
She added: “Industrial properties are also experiencing a shift in values. Initial reviews suggest an east/west divide, with Rateable Values in central and western locations rising, on average by over five per cent, with values to the east and south east of the country falling by a similar average.
With the Government’s consultation period for the controversial Check Challenge Appeal procedure, which proposes a dramatic overhaul of the current rating appeal system, only closing on October 11th this year, Victoria added: “Given the proposed changes, the lack of detail regarding transitional relief, and with the rate in the pound multiplier yet to be confirmed, it is more important than ever for Ratepayers to seek professional advice to ensure their interests are protected and the necessary budgeting requirements are put in place – with less than six months to go before the new Rateable Values are introduced, businesses really are facing a battle against the clock.”
