READ ALL ABOUT IT Logout

Farebrother Rating Update

25 November 2016

“Trust me it is complicated” – Philip Hammond MP, Chancellor, 23rd November 2016

2017 REVALUATION UPDATE - Autumn Statement

UBR - 2017/2018 confirmed as 46.6p and for large businesses 47.9p. Remember this does not include Cross Rail, City, or BID supplements.

TRANSITIONAL RELIEF  - THE FOG LIFTS (SLIGHTLY)!

Properties divided into 3 bands according to Rateable Value (RV)

Small       Under £28,000

Medium    £28,000 (£20,000 outside London) to £99,999

Large       £100,000 +

Transitional Relief confirmed over the 5 years of List as follows:

UPWARD:

Small:                   Limited to annual increases of 5% 7.5%, 10%, 15% & 15%

Medium                 Limited to annual increases of 12.5% 17.5%, 20%, 25% & 25%

Large                     Limited to annual increases of 42%, 32%, 49%, 16% and 6%

DOWNWARD:

Small:                   Downward cap of 20%, 30%, 35%, 55% & 55%

Medium:                Downward cap of 10%, 15%, 20%, 25% & 25%

Large:                   Downward cap of 4.1%, 4.6%, 5.9%, 5.8% & 4.8%

 

The Government estimates that the percentage uplift in London’s Rate bill is +14% for offices, +10% for retail and +4% for industrial. However in Central London especially in the high rental growth areas including Clerkenwell, Farringdon and Southbank the increases in office RVs could be up to 95%! Central London retail is also facing massive increases.

Check your Draft RV today! Remember the new Appeal process, Check, Challenge, Appeal means that you could find yourself in difficulty if you wait until the new List goes live in April 2017: Act now!


GET IN TOUCH

Malcolm Brackley (mbrackley@farebrother.com) or, Hugh Tippett (htippett@farebrother.com) for further information.

Download pdf summary