Business Rates are taxes paid by all companies that occupy, or lease commercial property.
Currently business rates are based on rental values as at 1st April 2008 but from 2017, business rates will be based on rent levels on 1st April 2015.
This period is longer than usual and covers the fall out from the financial crisis. As a result this revaluation will one of the most redistributive and rates payable may change markedly for individual rate payers.
Those most likely to benefit will be those in regional retail or office assets, where as central London locations are most likely to see the largest increases.
Transitional relief will limit any changes in the short term, but whatever premises you occupy, you should be aware and plan for the future changes.
A rateable value can be ‘appealed’ if thought incorrect. We suggest you take external advice if you are unsure.
Further information is available by clicking here
The Picton Team, June 2016