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ARTICLE · 12 MAY 2016

Rating Revaluation

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The Valuation Office Agency ('VOA') is recalculating business rates. The new rates will be payable from 1 April 2017, based on rents in 1 April 2015.

United KingdomReal Estate and Construction
Paul Brecknell
Paul Brecknell
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The Valuation Office Agency ('VOA') is recalculating business rates. The new rates will be payable from 1 April 2017, based on rents in 1 April 2015.

How does the business rates system work?

The total revenue from business rates is fixed in real terms, and so rates increase each year in line with the Retail Price Index ('RPI').

Business rates are then periodically reviewed. The amount of tax paid is redistributed amongst taxpayers, in accordance with new rateable values.

What happens at revaluation?

The VOA consider the rental value of properties of a certain type and then calculate the average value for that property on the open market per square metre. When rental information is not available or appropriate, the VOA value properties by calculating how much it would cost to replace them.

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