REVALUATION 2010

On the 1 April 2010 a new Rating List will come into effect. This will create new Rateable Values for all business premises based on rental levels at the 1 April 2008. (Current rateable values are based upon rental levels in April 2003).

For most types of property this will mean that rateable values will increase.

It should, however, be pointed out that, whilst rateable values may increase, rates payable will probably not increase by the same proportion. This is because the UBR in 2010 will be adjusted accordingly.

Even so, it is imperative that businesses plan ahead and anticipate rises in rates bills in 2010. The Valuation Office will have sent Forms of Return to many businesses requesting details of rents being paid. These should be completed as accurately as possible.

In September 2009 the Valuation Office will publish their draft Revaluation figures. At that point businesses should check their proposed new rateable value - both for budgeting purposes and for accuracy. Jeffersons will be pleased to assist businesses in checking proposed rateable values and advising how to proceed if the figures are considered to be excessive.

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