The latest revaluation period came into effect on April 1, 2010, with
rateable values based on a valuation date of April 1, 2008.
6 billion of tax last year, with local authorities now retaining 50 per cent of 'new'
rateable value and the remainder going to central government.
As a result of revaluation appeals, the
rateable value of properties for which revaluation appeals have been resolved has reduced from approximately Au4,561m to Au4,341m, a drop of Au219m in
rateable value (which equates to approx Au103m billed in 2014-15).
The current scheme provides complete relief for businesses with a
rateable value up to PS6,000 and is tapered up to PS12,000.
Welsh Conservatives are calling for 100% business rate relief for businesses with a
rateable value of up to PS12,000 and relief tapered from 100% to 0% for those with a
rateable value of up to PS15,000.
Up to PS1,000 off rates bills for retailers (and other users), where their
rateable value is PS50,000 or less, for 2014-15 and 2015-16.
The advice follows the successful negotiation of a swathe of reductions in
rateable values from the 2010 List on clients' properties by GVA's specialist Business Rates team.
All business premises--whether they are owner-occupied, leased or licensed--are given a
rateable value by the Valuation Office Agency (VOA) in England and Wales.
It was also announced in the Autumn Statement that businesses with assessments below a
rateable value (RV) of pounds 6,000 will see an extension of the current two-year rates holiday for a further six months.
Overall, the average
rateable value of business property in England currently stands at pounds 32,800.
But the Government's Valuation Office Agency (VOA), which sets
rateable values for businesses, contacted the cafe owner last week to offer a cut in his pounds 12,250 valuation to pounds 11,000.
TRADERS across the country should continue to check their
rateable values as business rates bills start landing on their doormats this month.
