RATING REVALUATION ON THE HORIZON
The 2010 rating revaluation is fast approaching, which will represent the fifth revaluation that has been undertaken by the Valuation Office Agency since the publication of the 1990 List. The new 2010 rateable values are due to take effect from 1 April 2010 however, a draft List is due to be released by the Valuation Office Agency in September. Clients will be well advised to scrutinise every new rating assessment coming into the Valuation List on a case by case basis.
Many ratepayers will have received VOA Forms of Return to complete which enables the Agency to collate rental information and in some cases trading information from as many properties as possible, with a view to getting the new rateable values as accurate as possible.
As with all revaluation exercises, there are likely to be some properties which are over-assessed, some which are under-assessed, and some which seem about right. Every ratepayer will have the ability to appeal against any new assessment if they so wish. There is likely to be a system of transitional arrangements introduced as was the case at the last revaluation, which will phase in large increases and decreases in business rates liability. The Government is yet to announce the exact details of these arrangements.
Iain Henderson is the Director at Carigiet Cowen responsible for advising clients on business rates matters. "Over the past 12 months, we have seen the empty rates legislation, brought in with effect from 1 April 2008, have a devastating effect on businesses across the country, with landlords and tenants both being affected" says Iain Henderson. "Now more than ever before, it is vital for ratepayers to use every angle and opportunity possible to mitigate ongoing business rates liability", he says.
Carigiet Cowen continues to advise a range of local, regional and national clients including Carrs Milling Industries, the Stobart Group, Edinburgh Woollen Mill, Thomas Armstrong, Westmorland , M6 Diesel, Exelby Services and Cranstons.