Business Rate assessment for 2017 to be based on 2015 property values.
All commercial premises will have their rates calculated for the 2017 rating list ,which comes in to force on the 1st April 2017, based on their property value as of 1st April next year.
For premises such as Pubs and other licensed premises where the rateable value is assessed in regard to trading receipts, the valuation office will consider the three year accounts leading up to 1 April 2015.
Prior to 2017 revaluations occurred every 5 years and were based on rents from 2 years prior. The last revaluation was back in 2010 and was based on 2008 rents. However in 2012 the government said it was postponing the 2015 revaluation for 2 years, forcing retailers to pay rates based on 2008 inflated property prices for an additional 2 years but stating the benefit for ratepayers came from having stability in their rates bill.
Pubs were hit by a 2% increase in business rates at the beginning of April, although this was lower than the original 3.2% rise expected as the Government capped the increase in the multiplier used to calculate rates bills in the Autumn Statement last year.
Last month the British Beer & Pub Association (BBPA) Warned that each pub could face a £350 hike in its business rates bill if the Government does not announce a freeze in the tax multiplier in Decembers Autumn Statement.