Business rate revaluation postponed

The Government is postponing the 2015 revaluation of Business Rates until 2017.

With a 2.6% increase for rates bills confirmed from 1 April 2013, the business rates burden will only continue to hit bottom line costs.

The delay will mean that business rate liabilities will continue to increase in line with RPI through to the 2016/17 rate year.

With this delay in the next Rating Revaluation, the Government also remains vague on the appeal regulations going forward. Under the current rating legislation, it would be possible to lodge an appeal against a 1 April 2010 compiled list rateable value up until 31 March 2015.

The two-year postponement could mean that current ratepayers would not be able to lodge a valid compiled list appeal between 1 April 2015 and 31 March 2017, which could potentially lead to savings back to 1 April 2010.

With this in mind it is imperative that ratepayers seek advice as soon as possible.