Business Rates
Thanks to Peter Barber for writing this post.
Rumours have been flying around about what is going to happen to Business rates. The next revaluation for Business Rates is going to take place on the 1st April 2010. The new assessments will be based upon rental Value at April 2008.
The Government has just announced its preliminary analysis of the impact of the new Rateable Values. Their view is that 60% of Rate payers will see a reduction in their bills but some will pay more.
The forecast is that the uplift will be greatest in London Offices, where April 2008 rental levels were almost at their peak. Office occupiers will therefore almost certainly see a substantial uplift in their bills.
It appears that the Government will continue with a scheme to cap increases, (Transition) and is consulting with relevant parties to discuss details.
Appeals will of course be permitted against the new assessments and rating advisors can undertake this work on behalf of occupiers.
The draft figures will be released towards the end of 2009 in good time to be prepared for April 2010.
About Ian Kitchener
Ian graduated from Keele university with a degree in Philosophy, Politics and Economics and went on to obtain a Post Graduate diploma in Property Valuation and Law from (London) City University. He has advised Central London office occupiers for over 20 years. He loves fighting their corner and making sure they get what they need - a great office on the best commercial terms available. Ian feels that www.FindaLondonOffice.co.uk have identified a real gap in the market - to find the perfect office and then provide expert advice on the commercial negotiations against often very canny landlords. The speed and skill with which the FindaLondonOffice team do this can often make a significant contribution to their clients profitability. Ian lives in North London with his wife and 3 young children. Read more about Ian Kitchener.
