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

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions