February 21, 2017
Business rates are a substantial overhead for many businesses, and therefore those occupying a property need to be aware of the impact of the 1 April rates revaluation and the forthcoming changes to the rates valuation appeals process. The revaluation may affect the level of compensation payable to some business tenants seeking to renew their leases. Current business rateable values took effect in England and Wales on 1 April 2010, based on rateable values on 1 April 2008. However, the Valuation Office Agency (VOA) is revising rateable values on 1 April 2017. While the rateable value of some properties is reducing, others (for example many London retail and restaurant premises) face a significant increase. You can check the draft values on the VOA website to see whether your property is due to change.