What is Revaluation?
The Valuation Office Agency regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
For more information on the 2017 Revaluation, rateable values, and business rates go to www.gov.uk.
You can also estimate your business rates bill, including any small business rate relief the council may apply.
Following the 2017 non-domestic rates revaluation by the Valuation Office Agency, transitional relief will be implemented to support ratepayers whose eligibility for Small Business Rate Relief (SBRR) will be affected as a result of the revaluation.
The transitional relief scheme will be introduced to assist ratepayers in receipt of SBRR on 31 March 2017, experiencing a reduction in the percentage of SBRR they are entitled to on 1 April 2017, due to increases in their rateable value following the revaluation. The only caveat to this is that the effect of the removal/reduction of the SBRR must see an increase in the bill of over £100.00. If it is less than £100.00 then there will be no entitlement to transition as this is deemed de-minimus.
SBRR will be applied prior to transitional relief. The transitional relief will work by phasing in any resultant increases in liability over a 3 year period (25% of increased liability in year 1, 50% in year 2 and 75% in year 3.
Eligible ratepayers are those:
- moving from full SBRR to partial SBRR
- moving from full SBRR to no SBRR
- moving from partial SBRR to no SBRR
- staying within partial SBRR but seeing an increase in rateable value