2017 Business Rate Revaluation - The Results Are In

30 September 2016

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The high level changes to rating assessments from the Valuation Office Agency’s 2017 revaluation are given below, categorised by region and property sector. In summary, total RV's in England will increase by 9.1% and fall by 2.9% in Wales.

Percentage change in rateable value by Region and Sector

Area Retail Industry Office Other All
England 4.7% 4.0% 11.3% 15.5% 9.1%
North East -6.8% 0.0% -12.5% 9.0% -1.1%
North West -5.5% -3.1% -4.8% 10.2% -0.2%
Yorkshire and the Humber -1.9% 0.4% -13.0% 6.6% -0.3%
East Midlands 4.7% 3.3% 7.8% 13.7%  7.2%
West Midlands -1.2% 3.1% -7.2% 12.0% 2.9%
East -4.0% 2.3% 2.4% 13.2% 3.9%
London 26.2% 15.1% 21.2% 25.7% 22.8%
South East 1.4% 6.5% 7.7% 17.5% 8.6%
South West -4.4% 5.4% -0.7% 12.1% 3.8%
Wales -8.8% -4.0% -7.0% 4.7% -2.9%

Source:VOA Administrative Data as at 01 August 2016

As a result of these movements, the uniform business rate (UBR) in England will fall from 0.497p to 0.467p and we estimate the UBR in Wales will increase from 0.486p to around 0.52p from 1st April 2017.

There will be a scheme of transition in England, phasing in the resultant increases and decreases in liability. Wales is considering a scheme but we think implementation is unlikely.

These figures, whilst interesting, summarise a wide range of movements in assessments on a micro level with wide variations in resultant liabilities.

The new assessments are available today which you can view by clicking here. We will confirm individual assessments over the course of next week, together with next steps. 

Mansford has expanded its investment portfolio over the last few years. Over this time Andrew West has provided us with a full rating valuation service which has involved giving a view on liabilities prior to acquisitions, as well as conducting negotiations with Valuation Officers on our UK estate. The portfolio includes a wide range of properties from shops, offices and pubs to major leisure schemes. He has been particularly successful in mitigating our liabilities to empty property rate, which has been an issue on acquisition prior to implementing our development and letting strategy. I have no hesitation in recommending Andrew's expertise in rating valuation for all property types. The profile of property within his portfolio and the successes achieved are testament to his position as an extremely accomplished rating practitioner.

Leopold Hall, Partner, Mansford LLP