02 Clarity in England
04 Mist in Wales
04 Darkness in Scotland
In our July Business Rates Debrief we
summarised the Government’s consultation
with its four options for transitional
arrangements in England to accompany the
2010 revaluation next April. Since then, the
draft 2010 assessments were published
online on 30 September (www.voa.gov.
uk/2010) and the Valuation Office Agency
(VOA) has issued summary valuations to the
vast majority of business ratepayers
explaining how the new Rateable Values (RV)
have been calculated.
In the absence of any meaningful information
on how the new RVs were to be applied to
rates bills, these summary valuations may
have done more harm than good.
Businesses up and down the land have been
up in arms about big RV increases, without
appreciating that the impact will be lessened
due to a reduction in the Uniform Business
Rate (UBR). But who can blame them for
this confusion, given that the Government
did not see fit to accompany the summary
valuations with a clear statement as to how
the new RV would impact on rates bills?
Now – seven weeks after the 2010 RVs were
released – is the first time that businesses in
England can calculate their rates bills for next
year with a high degree of accuracy.
Please contact me on 020 7333 6324,
firstname.lastname@example.org, or speak to your
usual Gerald Eve contact for further details.
2010 RATING REVALUATION – UNIFORM BUSINESS
RATES AND TRANSITIONAL ARRANGEMENTS
chartered surveyors & property consultants
Head of Rating
These percentages are also RPI linked,
which means that the maximum cash
reduction in 2010/11 for a large property will
be 5.9%. For small properties the reduction
is capped at 21.1%.
Over 300,000 properties will be caught in
transitional surcharge next year, paying more
than their ‘correct’ liability, represented by
RV x UBR.
The UBR itself has also been confirmed. In
its July statement, the Government advised
that the UBR would fall from 48.1p t