Business rates revaluation 2017
Robert Lillycrop, from ICAEW Tax Faculty’s Enquiries and Appeals Committee, explains the property valuation list, how ratepayers can lodge appeals, and what differences exist between England, Scotland and Wales.
Business rates have been a feature of the business landscape since 1956 and are estimated to raise some £26bn a year for the UK’s public finances (Office for Budget Responsibility, Economic and fiscal outlook, March 2016). This year sees the publication of a new property valuation list, resulting in a change in rates bills for many businesses.
Business rates are described by the Valuation Office Agency (VOA) as a local tax that is paid by the occupiers of all non-domestic business properties in much the same way as council tax is a tax on domestic property.