As part of the Government’s Growth and Infrastructure Bill there is a proposal to delay the 2015 rating revaluation until 2017. The current rating assessments are based on values in 2008 since when there have been substantial falls in property rental levels. The 2015 revaluation would have been based on rental levels in April 2013 and it is very unlikely that there would be any recovery by that time.
The effect of postponing the revaluation to 2017 will mean that many businesses will continue to be burdened with inflated rates for another two years.
Evidence has been given by the property industry to the government committee hearing evidence regarding this proposal and calls have been made for the proposed postponement to be cancelled.
In addition an online petition has been set up by Colliers International in an attempt to defeat the government’s proposal. The petition requires 100,000 signatures to trigger a debate in the House of Commons.
It is considered that the hard pressed retail sector will suffer in particular if the government proposal succeeds.
To support the e-petition please click here.