Business Rates Revaluation 2010

The next Business Rate Revaluation of all commercial property in England, Wales and Scotland will take effect on 1 April 2010 and will be based on market rental valuations at April 2008 which saw huge increases in the years preceding this. Most clients will see substantial increases in their Business Rates and this is a serious cost issue. This section will cover:

• Business Rate Bill Implications
• Transition
• Collecting Evidence
• Making Appeals

Rate Bill Implications

The object of a Business Rate Revaluation is to re-align the tax base with values then current in the property market, so the impact will vary, depending on property type and location. In areas and categories where there has been strong rental growth between 2003 and 2008, rateable values are likely to increase as a result of the Revaluation, with a consequent increase in business rate bills.