As you may be aware, the Rating Revaluation 2017 draft list is published today, detailing the new rateable values that will apply to assessed properties from 1st April 2017. These values are based on rental levels reflecting the rating hypothesis the Valuation Office considered applicable at 1st April 2015. Therefore, property owners should review the draft list carefully.

We recommend, in the first instance, that we check your new valuation against your current one. If you haven’t already, please let us know so we can assist. This ensures you understand any potential changes to your liability and plan accordingly.

The last revaluation took place in 2010, and the 2017 Revaluation was delayed for two years by the Government. Currently, the highest increases are anticipated in London. While Transitional Relief (TR) will be reintroduced to limit immediate increases, larger companies with an RV over £100,000 will receive less relief. Additionally, uncertainty remains over whether the rate poundage will continue to rise in line with inflation.

Rate demands to establish your new liability will be issued in March 2017. However, until then, we can review your current liability from 2010. If TR is reintroduced and your liability is reduced, there may be a knock-on benefit for several years.

We also must adopt the Valuation Office’s new mantra: “check, challenge, appeal.” This system is protracted, costly, and complex. Furthermore, over 300,000 outstanding appeals remain unresolved before the VO can even fully consider the 1.96 million new assessments.

Finally, be cautious of false promises. While the VO can reduce assessments, they also have the power to increase them. Therefore, working with experienced advisors ensures that any appeal or challenge is carefully managed and maximises potential benefits.