I have previously written about the business rates revaluation. For those businesses which may experience a large increase in business rates, the transitional relief scheme is intended to spread the impact over several years. To find out whether your business rates increase will be phased in over time, check the lists below.
Caps for small properties
Small properties are those with a rateable value of below £18,000 (£25,500 in Greater London) as at 1 April 2010. The cap on increases for small properties is:
5% in 2010/11;
7.5% in 2011/12;
10% in 2012/13; and
15% in 2013/14 and 2014/15.
Caps for large properties
Large properties are those with a rateable value of £18,000 (£25,500 in Greater London) or more as at 1 April 2010. The cap on increases for large properties is:
12.5% in 2010/11;
17.5% in 2011/12;
20% in 2012/13; and
25% in 2013/14 and 2014/15.
If you feel your new rateable value is unfair then you should consider making an appeal against the assessment. Please contact Cousins Business Law for further information on how to do this.
Steve Petty, Commercial Property Solicitor
This blog is not intended to constitute legal advice, nor is it intended to be a complete and authoritative statement of the law, and what we say might be out of date by the time you read it. You should always seek legal advice to confirm whether or how any information in this article applies to your particular situation. We offer a free telephone consultation to discuss your particular circumstances.