Business Rates Revaluation 2017 – Winners and Losers

Posted on 25 January, 2017 by admin

New business rates, coming into effect from April 2017, are to have dramatic impacts on businesses of all sizes and types across the UK.

London Oxford Street Retail Premises

Business rates, also known as non-domestic rates are taxes that are chargeable on all different types of commercial properties across the UK, from retail and industrial properties to offices.

According to research by JLL, businesses in around 40% of locations in the UK will be hit hard as a result of the revaluation, while 28% will benefit from reduced rates and the rest with none or little affect.

Retail businesses in central London are one of those who will see a huge increase in business rates. For instance, shops in Regent Street will see an average of 87% increase in their rates from April 2017. Furthermore, rates for Oxford street retail premises have increased by 65%, while Bond Street has gone up by 100%.

Verde & Co, a shop owned by the award winning writer Jeanette Winterson in Spitafields, London, is a prime example. With the property’s rateable value going up by 151%, from £21,500 to £54,000, this has caused the shop to close.

The mayor of London, Sadiq Khan has raised his concern about how the increase in business rates are a real “kick in the teeth” for the businesses in the city.

Reading and Guildford are other locations which saw an increase in business rates.

Some of northern towns, conversely, saw a significant drop in rates, such as Blackpool and Bolton with a reduction of up to 56%.

Paul Eaton, National Head of Business Rates at Lambert Smith Hampton, has advised businesses to consider appealing on their 2010 rates in order to potentially benefit from transitional relief. He commented:

“29% of the challenges received by the VOA up to 30 September 2016 resulted in a change to the 2010 rating list entry. If we extend that percentage to those assessments that have not yet been challenged, it could mean that a further 261,000 assessments are due a refund.”



Related Posts


Leave a Reply


Recent Posts

how online reviews can destroy a business

Are online reviews destroying the reputation of struggling shops…

How Offering Free WiFi Can Benefit Your Business

How offering free WiFi can benefit your business

Is stockport a hotspot for Businesses

Is Stockport a hotspot for businesses?

reasons to start a business in Leeds

Is Leeds the right location for your business?

Could police station closures impact the community

Could police station closures impact the community?

are shopping malls struggling

Are struggling shopping centres fighting back?

How to start a B&B

Starting a new B&B Business?

creative shop shop displays

Increase foot traffic with creative shop displays

Could the video rental shop make a comeback

Could the video rental shop make a comeback?

Why Middlewich could be a good investment

Why Middlewich could be a good investment

Small business POS software guide

Small business POS system guide

Retail Shop layouts: The Options

Retail Shop layouts: The Options

Commercial property investment fund guide

Things to consider when looking to invest in commercial property

How old architecture is adapting to modern surroundings

How old architecture is adapting to modern surroundings

Are cinemas adapting after a decline in sales?

Are cinemas adapting after a decline in sales?

Birmingham office sold in £1.2million deal

Birmingham Office sold in £1.2million deal