Simon Moffatt, Lead Partner – Business Rates Consultancy at Vail Williams, comments on the draft list of new property valuations released today, ahead of the 2017 revaluation.
Simon Moffatt, Lead Partner – Business Rates Consultancy at Vail Williams, comments on the draft list of new property valuations released today, ahead of the 2017 revaluation:
“The draft List release shows VOA (Valuation Office Agency) significantly hitting modern space in a number of South East towns, but assessments lowered on many older properties (but not necessarily low enough!).
“The government’s latest consultation paper also proposes a lower multiplier for the 2017/18 rate year, when many professionals had predicted an increase. This important element for calculating rates liability is estimated to be 46.7p for small businesses, with a ‘standard’ large business multiplier of 48.0p (both falling by 1.7p); This is a move
seemingly financed by a steep first year percentage jump for larger businesses receiving a significant increase in liability from April, under the proposed Transitional Scheme for England.”
To consider the implications of today’s publication of the draft 2017 rateable values, or any other concerns you have regarding business rates, please call James Knott on 01293 612600.
