2017 DRAFT RATING REVALUATIONS PUBLISHED

The Valuation Office Agency has just published draft rating valuations which come into affect from April 2017. You can search and check the new rateable value of your property at https://www.tax.service.gov.uk/view-my-valuation/search. Trade related valuations such as pubs and hotels have not been published yet.

The new rateable value is based on the annual rental value of the property as at 1 April 2015. The existing rateable values are based on annual rental values at 1 April 2008. For most properties in Cumbria, values fell after the crash and by 2015 were generally well below those prevalent in 2008. Each property and location will be considered on its own merits but initial indications are that the Valuation Office Agency has failed to account for changes to the rental market between the two dates. The new rateable values can be appealed after 1 April 2017.

On the plus side, 100% small business relief limit is increasing from next April from £6,000 to £12,000 rateable value with tapered relief up to £15,000 RV. Small business relief applies to businesses with a single rateable property.

Further advice can be obtained by contacting Duncan Young at Mere Commercial.