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Spring Budget 2017 – Business Rates

By March 10, 2017January 26th, 2021Member News & Updates

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 [email protected] 01872