Business Rates to finally change

Good news at last from Westminster with the announcement that legislation has been laid before Parliament confirming that the Rating Revaluation will go ahead with rateable values, fixed on the level of rental values existing at 1 April 2015.

This will allow a long overdue redistribution of the tax base across England that had left northern businesses effectively subsidising wealthy London and south east counterparts for an additional 2 years, after the Government postponed the original revaluation due in 2015.

Research had found that the 2010 rateable values – based on rents at 1 April 2008 – would have increased on average by 72% in parts of London had the revaluations gone ahead as scheduled next year. In sharp contrast Northern businesses will be left with higher business rates that otherwise would have fallen by an average of 30-40% in some areas.

The order Signed by authority of the Secretary of State for Communities and Local Government can be seen at http://www.legislation.gov.uk/uksi/2014/2841/made .

If you would like to speak to one of the Dunlop HHeywood Rating experts on the implications of this announcement on your business email stuart.hicks@dunlopheywood.com or go to www.dunlopheywood.com