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Business rateable values to fall in most UK cities

Retailers in 11 out of 14 UK cities will see their average rateable values decrease in the 2017 business rates review, according to CBRE.

 

Winchester high street

Winchester high street

Businesses in Aberdeen, Leeds, Cardiff and Bristol will all see their average values decrease by more than 30%.

However, in central London rateable values could increase by as much as 170%.

The next rates revaluation and the proposed values calculated by the Valuation Office Agency will be published on 30 September.

Tim Attridge, senior director of rating at property firm CBRE, said: “With the cumulative rateable value set to fall across the UK, the government will be seeking to maintain the level of tax generated by the business rates system. Therefore the multiplier will be higher than we’ve ever seen immediately after a revaluation. Retailers should be aware of what the potential changes might be, and the impact on their business.

He added: “There is the option to appeal, but this will be a very protracted process and the definition of ‘reasonable judgement’, is far from clear. With this lack of clarity, the key is for retailers to budget accordingly now, review their strategy and ensure they have sufficient funds in place to either challenge, or adapt to a new system in order to survive.”

business rates map

 

 

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