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. 

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group