Saturday 22nd Oct 2016 - Logistics Manager

Property agent launches rating revaluation petition

Property agent Colliers International has launched an online petition to stop the government’s planned postponement of the 2015 business rates revaluation.

Business rates are based on 2008 property values which are much higher than current values. So many businesses could expect to see a fall in the rateable value of their properties in the 2015 review.

By postponing it until 2017, the government is hoping to carry on collecting business rates based on the inflated 2008 values.

The e-petition is on the government web site. If it receives 100,000 signatures it will be considered for debate in the House of Commons.

Colliers reckons many retail centres in towns and cities across the UK have seen significant falls in rental value since 2008, with some of the worst hit regions falling by as much as 27 per cent.

London’s West End was the only retail area to see rental values increase, rising by 26 per cent, over the same period.

Ratings specialist Ben Batchelor-Wylam from Colliers International’s Bristol office said: “Struggling businesses have been eagerly awaiting the 2015 revaluation as a relief from high rates bills. Having it deferred until 2017 simply means that any decreases in their bills or chance of clawing much needed money back from the Government will have to be deferred.

“This is not a fait accompli. With enough support and backing from business we can get the Government to scrap its plan to postpone the 2015 rating revaluation.”

You can see the petition at: