2017 Business Rate Revaluation - The Results Are In
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.