2010 Rating Valuation
New rateable values for commercial property came into effect on 1 April 2010 in England, Wales and Scotland as part of an established 5 yearly cycle which effectively allows the Government to adjust rateable values in line with changes in the commercial markets. (Ireland has a different system.)
The assessments were broadly based on key rental values as at 1 April 2008 and our research predicts significant increases in rateable values in many property sectors and geographical hotspots, potentially resulting in a significant impact on rate liabilities from 2010 onwards across the UK.
However assessments can be challenged and overpaid rates can be claimed back.
Accurates has identified and reclaimed £millions for clients since the previous rating assessments in 2005.
Business Rates Deferral Scheme 2012/13
A deferral scheme has been introduced for England, Scotland and Wales, enabling ratepayers to defer 60% of the increase in their 2012/13 business rate bills to 2013/14 and 2014/15. This equates to approximately 3.2% of the total bill for 2012/13. Applications should be made direct to local authorities. Further information is available by contacting us.
Colliers International's highly experienced Rating team provides advice to private and public sector clients seeking to minimise their rating liabilities. The team advises on holdings of traditional or specialist property of any size and in any location.
Further information is available by contacting Colliers International's Rating team.
As yet there has been no
announcement for Northern Ireland.