Revaluation – 2010 rating list
Business rates are adjusted based on changes in the property market and this normally takes place on a five year cycle. In 2013, the Government made the decision to delay the Revaluation from 2015 to 2017, meaning the next Rating List will cover the period of 2017 to 2022.
For those who have successfully achieved a reduction on their business rates, this means two more years of additional savings. However, for those who have not appealed their rates, this does unfortunately mean two additional years of paying rates that are out of kilter with the economy.
A further change to the business rates industry came in the 2014 Autumn Statement when George Osborne’s report detailed a point that would cost businesses in England over £1 billion. Point 2.129 of the report stated that any successful business rates appeals lodged in England on or after 1 April 2015 would only be entitled to the savings for the last two years of the Rating List. Backdated savings between 1 April 2010 and 31 March 2015 are now therefore lost and will remain in the Government’s pocket. To read a copy of the full Autumn Statement, please click here.
It is important to note that this ruling applies only to businesses in England and not in Wales. Businesses in Wales can still claim the seven years of refunds owed to them.
The Draft List for 2017 has been released and the countdown to the new list coming into force on 1 April 2017 has begun.
Find out more about the new business rates appeals system which will coincide with the new ratings list, and the range of potential barriers and disincentives.
CVS is still helping many businesses claim back savings on their business rates bills and if you would like to consider an appeal, please contact us to request a call back from a member of our team.