Welcome to the first of our series of 2017 Rating Revaluation Updates. Although still two years away, the 2017 Rating Revaluation is well under way with Assessors already preparing. Our advice is that ratepayers and their agents should be doing likewise.
Background
There is a general rates revaluation every five years. The next revaluation was due in 2015 but was postponed until 2017. The valuation date for the 2017 revaluation is 1st April 2015. Accordingly Assessors are already collecting relevant rental and building construction cost information and preparing their valuation basis for 2017 rates assessments.
Too early to do anything?
At WYM Real Estate we believe that effective advice comes from good preparation. Like Assessors, we are also preparing for the rating revaluation to ensure we can give the best, effective, advice to our clients.
As the valuation date has already passed, we will also be collecting rents and relevant build costs now in order that we can ensure that our clients are prepared for the revaluation, even before the new rateable values are issued. We will also be regularly updating clients on any legislative changes that may affect rates liability and procedure.
2017 Rating Revaluation Challenges?
The 2017 Revaluation may bring many challenges. One of these is the current review of business rates from the governments current review, following issue of their consultation paper earlier this year. Together with like minded rates advisors, we have responded to the consultation paper and will continue to press for a rates system that is fair and equitable. We will provide further detail will be provided in issue 2.
Our Approach
Current actions we are taking for behalf clients include;
- collation and analysis of rental information
- liaison with neighboring ratepayers to ensure coordinated approach with Assessors
- liaison with other rates agents to ensure most effective case for rates reduction is put to Assessors
- continuing to advise clients on any legislative announcements or changes on business rates, and
- naturally, advising clients on an on-going basis of any rates saving opportunities
Key Dates: (some awaiting confirmation)
1st April 2015 – Valuation Date for 2017 Rating Revaluation
Summer 2015 – Summer 2016 – Assessors ingathering rental information and formulating schemes of valuation
Autumn 2016 – Issue of draft rateable values to Scottish Government
Autumn 2016 – publication of draft rateable values on SAA website??
February 2017 – confirmation of rateable values, business rate poundage and relevant relief schemes (including transitional relief)
1st April 2017 – 2017 – Rating Revaluation Comes into force
30th September 2017 – Deadline for lodging of appeals for 2017 Rating Revaluation (deadline may be subject to review)
Opportunity
We welcome the opportunity to mitigate your rates liability. For further information, or simply to discuss the above in greater detail please contact:
Billy McKaig
Director
t: 0131 225 2583
m: 07778 149 224
e:
w: www.wymrating.com
WYM Rating
The Merchants’ Hall
22 Hanover Street
Edinburgh EH2 2EP
