Rating List 2017
On 30th September the Valuation Office Agency (VOA) published the draft 2017 rating list containing details of new rateable values which will be effective from April next year.
The VOA estimates the following regional changes for retail in England:
North East -16%, Yorks -11%, North West -15%, West Mids -11%, East Mids -5%, East -13%, South West -14%, South East -8%, London +14%
Unfortunately, these changes will not take effect immediately as a proposed transitional relief scheme is likely to restrict reductions in retail rate bills to under 10% in 2017/2018.
The revised figures result from the revaluation process which periodically amends rateable values to reflect changed market conditions.
The reductions should help the High Street.
Not so welcome is the Government’s accompanying proposals for reform of the rating system. These included introducing a hideously complicated and expensive new appeal system.
But most controversially of all is a proposal to restrict the right of ratepayers to have their bills reduced.
In future, even if the rateable value of a shop is too high, retailers will be stuck with excessive bills if the Government consider the assessment is ‘within reasonable bounds’.
This is statutory overcharging by any other name.
This is information has been provided by bira’s approved service partner, Savills.