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Spring Budget 2017 – Business Rates update

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Despite recent pressure on the government to reconsider the impact of the 2017 revaluation, last minute measures announced in the budget will do little to alleviate the business rates burden for the revaluation in April, reports Nicola Murrish, Head of Rating at Vickery Holman Property Consultants.

Three key measures were announced last week;
1. Businesses coming out of Small Business Rates Relief will not see an increase of more than £50 per month
2. Pubs with an Rateable Value (RV) below £100,000 will receive £1,000 relief for the 2017/18 year only
3. A £330m fund for councils will be available to offer discretionary relief

None of the measures announced offered help to businesses whose RV’s are reducing but as a result of Transitional relief will not immediately benefit from this.  For example a property with a Rateable Value below £20,000 will only see their rates bill reduce by a maximum of 20% from April.

Mr Hammond did mention plans to consult again on more frequent revaluations however we are unlikely to see any change earlier than 2022.

With a number of recent high profile rating court cases as well as the new list going live in April with a more complicated and demanding appeal system the Valuation Office Agency have a very busy time ahead of them!

For further information contact Nicola Murrish nmurrish@vickeryholman.com 01872 245600