Businesses up and down the land will be waking up today with the
excitement of a six-year-old on Christmas morning. Today, the
Valuation Office Agency releases the draft Rateable Value
assessments it has made for all of the assessed properties in
England and Wales.
Unfortunately, many will not be receiving the gifts that they
were hoping for and instead will be facing the prospect of a bleak
rates future with increased Rateable Values and therefore increased
business rates bills. This is made more pronounced by the fact
that, unlike Christmas, a rates revaluation does not come round
The last revaluation took effect in 2010 and was based on 2008
valuations. How the valuation world has changed since then. The
2017 revaluation is based on 2015 valuations. The 2017 list will be
current until 2022.
For businesses hoping for a Scalextric set but worried about
receiving a lump of coal, the proposed Rateable Values can be
obtained online here.
To compound the unwanted gifts, "check, challenge,
appeal" looks set to come into force, making challenges to RVs
more administrative and harder. Even where the Valuation Office
Agency has got the Rateable Value wrong, it is proposed that unless
the Rateable Value is essentially a negligent valuation, the actual
Rateable Value assessed will remain as the Rateable Value, as
opposed to the Rateable Value being the true value of the
It will be the case for many businesses that, following
publication of the draft list, business rates reform will continue
to remain top of their Christmas wish list.
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