UK NEWS
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UK BUSINESS RATES REVALUATION – 2017
T
he next business rates revaluation takes effect from 1 April 2017 and
will update rateable values to reflect the market as at 1 April 2015. During the period of
revaluation TYHA and British Marine will record all information and links to relevant data through the British Marine website Knowledge Centre which is accessible to members:
www.britishmarine.co.uk/ Resources/Knowledge- Centre/External-Relations/ Business-Rates-Revaluation-2017
Transitional Arrangements for the 2017 business rates revaluation – UK Government Statement In September 2016 the Government announced the multiplier would reduce to ensure the revaluation does not raise any more in rates. Using the latest data on the revaluation the government will now reduce the small business non-domestic multiplier for 2017/18 from 48.4p to 46.6p.
The national non-domestic multiplier will fall from 49.7p to 47.9p. The multipliers will be confirmed after either the Local Government Finance Report for 2017-18 has been approved by the House of Commons or 1 March 2017, whichever is earlier.
For more information visit
www.britishmarine.co.uk 46 FORE & AFT DECEMBER 2016
The Government is providing the same transitional relief to small and medium businesses as was provided at the previous revaluation in 2010. No small property will see more than a 5% increase next year before inflation due to the revaluation benefiting 500,000 small businesses. The majority of businesses
across the country will be unaffected or better off by the changes, with many looking forward to their bills falling as the system is made fairer across the whole of England. This is on top of measures which mean that from next April, businesses will benefit from the biggest ever cut in business rates in England – worth £6.7 billion over the next 5 years.
As a result, 600,000 businesses across the country will pay no business rates at all. For the small minority of
businesses who face an increase in the bills, any rise will be capped at 5% in the first year for small properties, with a dedicated system of transitional relief worth £3.6 billion to help business owners adjust to the new bills. In total properties in London will benefit from transitional relief worth over £1bn over the life of the scheme. Over 140,000 properties in London will benefit from transitional relief of which over 100,000 are small properties.
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