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.