The clock is ticking on your business rates appealPrint publication
Businesses risk missing out on 5 years’ worth of business rates rebates if they fail to submit their rating appeal BEFORE 1 April 2015. Little attention has been drawn to the looming deadline and there is a genuine concern that businesses will miss out.
The rateable value of a non-domestic property is usually assessed every 5 years and any rebate following a successful appeal submitted within that 5 year cycle is backdated to the last assessment. The Chancellor’s Autumn Statement extended the time period for revaluations from 5 to 7 years (so the next revaluation is now due in 2017) but it did not extend the period for submitting an appeal. Successful appeals submitted before 1 April 2015 will therefore benefit from up to 5 years of rebate but those submitted between 1 April 2015 and 31 March 2017 will now only benefit from a maximum rebate of 2 years – meaning a potential loss of 5 years’ worth of rebate.
The rateable value is based on the rental value of a property. Given that in a large number of retail locations, rents are still substantially below their pre-recessionary levels, many businesses could miss out.
If you think this may be a concern to your business, it is important to act now!
For further information contact a member of the real estate team.