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ARTICLE · 22 MAY 2013

Rating Relief - What Relief?

A discussion on the property specific provisions arising from the Growth and Infrastructure Act 2013 that received Royal Assent on 25 April 2013.

United KingdomReal Estate and Construction

In this blog and over the next few weeks, I will look at some of the property specific provisions arising from the Growth and Infrastructure Act 2013 that received Royal Assent on 25 April 2013.

I will look at section 29 that postpones the ratings revaluation in England to 2017 and every fifth year after that.  This amended section 41 of the Local Government Finance Act 1988 provided for a revaluation of rates on 1 April 1990 and every five years after making the next revaluation in 2015.

What is the problem with business rates?

The decision the government has taken to postpone the revaluations has its critics.  The British Council of Shopping Centres reiterated their objections over the weekend.  Their view is that business rates remains one of the biggest obstacles to retailers.  According to research conducted by BCSC with Colliers International currently business rates are based on the notional rental valuation as of 2008 which have dropped as much as 40

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