2017 Rating Revaluation – Sharp rise in property costs for London office occupiers predicted.
The Government’s announcement postponing the 2015 business rates revaluation until 2017 is likely to significantly increase property costs for London office occupiers.
The business rates revaluation usually takes place every five years and reflects changes in the property market. The most recent revaluation in England and Wales was effective from 1st April 2010 and was based upon pre-recession 2008 data when London occupiers were paying top of the market rents. The new 2017 revaluation will use 2015 rental values, another period when rental values are increasing.
The sharp increase in rental values experienced in the City, Mid-Town and West End at present is likely to result in subsequent uplifts in rateable from April 2017 and we would recommend occupiers prepare and plan accordingly for this.
Kinney Green are able to offer a service encapsulating all aspects of the business rate process, including:-
- assess the merits of appealing a property's assessment
- lodging appeals to seek reductions
- checking rate demands and providing future budgets
- completion of ‘Forms of Return’
- providing advice on ways of reducing charges for wholly or partially unoccupied premises, building works or disturbance
