Rates revaluation comes into effect
Published: 06 April, 2010
The 2010 Rating List came into effect at the beginning of April with new valuations for all business and non-domestic property in England, Scotland and Wales as determined by the Valuation Office Agency (VOA) and Assessor in Scotland.
The revaluation has resulted in winners and losers across the UK. In London, rating assessments for commercial properties have increased by an average of 10 per cent and have fallen in other parts of the country – by an average of 1 per cent in Yorkshire and Humberside, 2 per cent in the North West and 10 per cent in the West Midlands.
Tim Beattie, head of rating at Jones Lang LaSalle, said: “Business rates and empty rate bills continue to be a significant overhead for owners and occupiers of non domestic properties.
“In a move that has been widely welcomed by the property industry the Chancellor introduced proposals in the 2010 Budget to give small business properties with rateable values of less than £6,000 a one year rate free holiday.
“However, for many business owners and occupiers the system has become increasingly complex for instance, there are currently different rate poundages for each area and transitional relief systems in England, Scotland and Wales as well as supplements for larger properties, over 60 Business Improvement District levies and the proposed GLA supplementary rate for Crossrail.”
