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2010 RATING REVALUATION

Business Rates are a tax paid by the owners and occupiers of commercial property in the UK, based on complex and constantly evolving legislation and case law. The latest Revaluation covers the 5 year period from 1 April 2010 to 31 March 2015, with the new Rateable Values for most property types in England, Wales and Scotland reflecting a hypothetical ‘open-market’ rental valuation as at 1 April 2008.

These Rateable Values are very often too high and this Revaluation could prove to be the most contested. The April 2008 valuation date coincides with a property market that was already feeling the harsh effects of the ‘Credit Crunch’, which caused business confidence and property markets to shift rapidly from high to very low. Valuing accurately through this period will be both difficult and contentious.

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