Business Rates Valuation 2017

Business Rates Valuation 2017

Information about Business Rates Valuation 2017

Business Rates – New for 2017/18

2017 Revaluation

From 1 April 2017, new rateable values came into force across England. 

The revaluation has seen some considerable increases in bills for some ratepayers and the government has, as usual after each revaluation, introduced a transitional relief scheme whereby both increases and reduction in bills are phased in over five years. The Government has provided funding to Councils to allow them to introduce a Business Rates Additional Rate Relief Scheme to further help those businesses facing increases in their bills as a result of the revaluation.

The scheme is designed to assist businesses that have had an increase in their Business Rates payable, only businesses that had a charge in the 2016 financial year will qualify for any relief. The scheme will remain in place for four years and a business will qualify for this relief where a charge remains during the subsequent four financial years at the property.

Therefore, any new business from 1 April 2017, or where a business changes address, will not qualify for the Additional Discretionary Scheme funding. Further information regarding this scheme can be found below in our supporting documents section.

If you believe your rateable value is incorrect or want to discuss the valuation further please contact the Valuation Office Agency via the following methods;

Transitional Relief Scheme

Properties subject to large increases, or reductions, in rateable value as a result of the revaluation will benefit from the Governments’ Transitional Relief Scheme. The scheme is designed to limit the impact of the rateable value There is no requirement for you to apply for this relief and your new bill will show the award automatically, if applicable. 

Small Business Rates Relief

Do you only occupy one business property?  Is your 2017 List rateable value below 15,000?  You may be entitled to Small Business Rates Relief - for more information please visit the Small Business Rates Relief page.


Contact

Broxtowe Borough Council
tel: 0115 917 7777