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Business Rates Revaluation

Paul Deriaz MRICS MRTPI Deriaz Slater LLP. Business Rates Revaluation. Business Rates. Recap - How It Works The amount of business rates payable is calculated by: Rateable value * Multiplier = Gross Rates Payable

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Business Rates Revaluation

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  1. Paul Deriaz MRICS MRTPI Deriaz Slater LLP Business Rates Revaluation

  2. Business Rates Recap - How It Works • The amount of business rates payable is calculated by: Rateable value * Multiplier = Gross Rates Payable • Less Deductions for Reliefs, Exemptions, Discounts +/- Transitional Relief = Actual Rates Payable

  3. Business Rates Revaluation - How It Works • This is done to ensure that rates stay broadly in line with a properties’ annual rental value. • Revenue neutral across the country achieved by adjusting the multipliers (poundage rates)

  4. National Impact of Revaluation

  5. National Impact of Revaluation • Small business multiplier 46.6p • Standard multiplier 47.9p To ensure business rate receipts remain constant in real terms

  6. Wycombe District Breakdown of CommercialProperties

  7. Marlow in Focus

  8. Results by Key Geographies

  9. Transitional Relief • Large changes in rateable values can translate into large sudden increases or decreases in business rate bills. • To protect businesses from sharp effects of this kind, transitional relief is provided. • When this happens, although transitional relief softens the effects of revaluation on ‘losers’, it also means that ‘winners’ (i.e. businesses whose rate bills have fallen) do not receive their full ‘win’ for a few years following the revaluation.

  10. Transitional Relief

  11. Business Rates Other Key Changes • Thresholds for small business rate relief are being extended in England. - - 100% SBRR for properties with RV’s of £12,000 or less. - Tapered relief will be available up to £15,000 (previously £12,000). • Rural rate relief increases to 100%. • The Government is introducing, for England only, a new system for appealing against rateable values, called Check, Challenge, Appeal. This system is going live on 1 April 2017.

  12. Check, Challenge & Appeal Existing rates liability must be paid for the duration of any appeal. Check for any discrepancies Challenge • Details of challenge • Propose alternative rateable value with evidence/analysis Appeal • VOA allowed “tolerance"

  13. Questions / Discussions Paul Deriaz MRICS MRTPI Deriaz Slater LLP

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