Business Rates

It is that time of the year again, when local authorities throughout the UK despatch the annual rate demand notices to occupiers of non-domestic property. However, this time many businesses could be in for an unpleasant surprise as the effects of the 2000 rating revaluation are translated into increased charges for the 2000/01 tax year. Indeed, it is estimated that following the latest rating revaluation business rates will raise a staggering £16 billion for the Exchequer in 2000/01.

The high level of increases in many of the April 2000 rating assessments is a direct consequence of the fact that the last revaluation took place in a relatively depressed property market in 1993. However, since then rental prices have spiralled upwards, especially in prime locations in London, the South East, the North East, along the M4 corridor into South Wales and in the Midlands.