2017 Business Rates Revaluation
If you are an owner or occupier of commercial property, it is likely that you will have received requests from the Assessor for rental and other information over recent months. This information is collected prior to each revaluation and will form the basis of the revised rateable values which will apply from 1st April 2017. Thus it is important to ensure that the information returned to the Assessor is accurate and complete. If you require any advice or assistance in connection with requests for information you have received our rating team can help with the completion of these forms.
The timetable for the next business rates revaluation in Scotland is as follows:
Notwithstanding the well-documented challenges faced by the North East economy in the wake of falling oil prices and the knock-on effect this has had on activity in the commercial property market, it is anticipated that the 2017 Revaluation will result in significant rises in rateable values and rates payable. This is due to the fact that the ‘tone date’ for the 2017 Revaluation was 1st April 2015 when the oil price was still approximately twice the current level and the full effects of the downturn in the oil industry had still to be felt in the property market.
If you are concerned about the potential impact of the 2017 Revaluation on your own business premises we can advise on individual properties and provide preliminary estimates of 2017/18 rates payable for budgeting purposes.
It should also be noted that the Scottish Budget for 2016/17 contained provisions to amend / reduce the level of rates relief available in certain circumstances. These changes affect Fresh Start Relief, New Start Relief, Renewable Energy Generation Relief and more widely, Empty Property Relief, particularly in relation to vacant industrial buildings.
If you require further information on how these changes may impact on your own circumstances please contact Scott Strachan who heads our Business Rates Department.