Business rates keep going up
New rateable values for commerical property will come into effect on 1 April 2010 in England, Wales and Scotland.
The Valuation Office Agency and Assessors in Scotland are already in the process of determining rating assessments and has announced that draft values should be published in September 2009.
What is the 2010 rate revaluation?
- Every 5 years the government adjusts rateable values for businesses to align the rates levied with whatever changes in property prices have taken place in the commercial market.
- Assessments for the 2010 valuation will be broadly based on key rental values from 1 April 2008.
- The new rates will affect all non-domestic property.
Revaluation implications for businesses
- Our research predicts significant increases in rateable values in many property sectors and geographical hotspots.
- The new level of rateable value adopted by the Valuation Office Agency will determine your rate liability for the period 2010 to 2015.
- Increases in business rates impact on operating costs.
Do you have a strategy for 2010?
With our valuation expertise and specialist rating knowledge the Colliers CRE Rating team will ensure that the rateable value for your commercial property is correctly established, so mitigating business rate liability on your behalf. Contact David Shuttleworth or Darren Williams to find out how we can help you.
Key Dates leading up to 2010 business rate revaluation
| Key date | Timeline of business rate revaluation |
|---|---|
| 1 April 2008 | Valuation date, rent prices at this point form the basis of the revaluation |
| Spring/summer 2008 | The Valuation Office Agency (VOA) collects information using rent return forms. |
| 31 January 2009 | The VOA aims to complete 70% of the revaluation including bulk class properties such as offices and shops. Deadine for prior agreement of property values. |
| 31 May 2009 | Draft list of new business rates completed by the VOA |
| September 2009 | Confirmation of the new business rates by the VOA. You have 6 months to check the accuracy of the rent data used to calculate your new rate value. |
| March 2010 | Revaluation notices sent to rate payers. |
| 1 April 2010 | New rateable values will take effect. |
Contact
David Shuttleworth Director +44 20 7344 6510
Darren Williams Director +44 1895 457704
Market reports
- Property Snapshot, February 2010 (PDF 222KB)
- Real Estate Investment Forecast, Q4 2009 (PDF 387KB)
- Property Pricing Survey, November 2009 (PDF 456KB)
- Rating 2010, Spring 2009 (PDF 652KB)
URL for File: /documents/Research-MarketOverview/rese_propertySnapshot_0210.pdf
URL for File: /documents/Research_investment/rese_reif_q409.pdf
URL for File: /documents/Research_investment/rese_PropertyPricingSurvey_1109.pdf
URL for File: /documents/Research_specialty/rese_rating2010_q209.PDF