Rating Revaluation 2010
On 1 April 2010, the rateable values of all commercial property in England, Scotland and Wales will be reassessed by the Valuation Office. Current rateable values are based on rental values as at 1st April 2003; therefore the purpose of revaluation is to bring rateable values up-to-date based on rental values as at a new date of 1st April 2008 (known as the antecedent valuation date or AVD). The new rateable values will directly affect business rate payers over the subsequent five-year period i.e. 1st April 2010 up until 31st March 2015.
The Grade A office market has had the most volatile growth since 1st April 2003 and occupiers in Central London should expect the greatest increases in their rates payable because their rents have risen the most. Prime West End space currently rated at about £47.50 psf is expected to see this rateable value level to more than double in 2010 to about £110 psf. For the City of London, space currently rated at about £32.50 psf is expected to jump to a rateable value level of about £57.50 psf.
Key dates for the diary (subject to change) are as follows:
- Summer 2009: Draft transitional arrangements and outline of revaluation due to be published.
- October 2009: Summary valuations due to be published by the Valuation Office.
- October/November 2009: Decisions on the uniform business rate (the multiplier applied to rateable values to calculate the rates payable) and transitional arrangements due to be published.
- 1 April 2010: New values and bills go live; the new payments become due.
Our dedicated rating team are currently gathering rental evidence in preparation for the 2010 revaluation. We are well placed to appeal against rating assessments, negotiate with the Valuation Office and, where necessary, conduct and/or advise on such disputes in the Local Valuation Court and Lands Tribunal.
We normally work on a 'no win, no fee' negotiation fee basis. Our Rating Team including Nick Eden, Daniella Perera and Elsie Osunbur would be happy to discuss your present and future rating liabilities.
Click Here to register your details for the Rating Revaluation 2010
Nick Eden FRICS MCIArb
Senior Partner
Professional Department
DDI:020 7643 1510
Email: n.eden@kinneygreen.com