Author: Gavin Whitney
Business rates will be changing on 1 April 2017 and this is likely to create some winners and losers: many London-based businesses will face sharp rate rises, although firms in the Midlands and the north will be largely unaffected or will see a reduction.
It has been seven years since all non-domestic properties in England and Wales were nationally revalued. The 2017 revaluation will be based upon rental levels at 1 April 2015 and will form the basis of business rates liability for the next five years. The changes include an increase in small business rates relief to £12,000.
It is important to understand the implications of this revaluation. The draft Rating List was issued on 30 September 2016 and will be the first opportunity to view your new liabilities. You may want to bear in mind your premises’ new rates liability if you have any break options, rent reviews or renewals coming up.
Gavin Whitney, Partner, Fladgate LLP (email@example.com)