Why a Revaluation?
Revaluations normally occur every 5 years. The 2017 Revaluation will be based on rents effective on or around 1st April 2015. The purpose of the revaluation is to re-distribute the rates burden in line with these updated rental values.
How will I find out my new Rateable Value (RV)?
Assessors will issue Valuation Notices, normally in February/ March 2017. These will also be found on the Assessors website: www.saa.gov.uk . It is possible draft RVs may be available sooner on the SAA website.
My RV has not increased, should I appeal?
Whether your RV has increased or decreased, does not reduce the need to review the assessment. Even if your RV has decreased there may be scope for a further reduction if supported by rental or cost evidence. We expect many assessments may (or should) decrease and possibly by substantial levels.
My RV has decreased; does that mean a reduction in my rates liability?
Not necessarily. The revised RV is multiplied by the rates poundage to produce your liability. Whilst the rates poundage will not be announced until early 2017, we expect that it may increase from current levels.
Will anything else impact on my rates liability?
Your rates liability may also be affected by supplements and reliefs such as the large property supplement, small business relief and transitional relief. Whilst it is the government’s intention to continue with small business relief, a consultation has just been issued on transitional relief.
Is there a time limit to lodge a rates appeal?
Yes. All Revaluation appeals must be lodged either by 30th September 2017 or 6 months after your 2017 Valuation Notice has been issued, whichever is the later date. Failure to submit an appeal on time may result in your RV remaining in force until the next revaluation, even if it is excessive.
When will my appeal be resolved?
The statutory deadline for resolving revaluation appeals is 31st December 2020. Most standard appeals are anticipated to be resolved during the course of 2018/ 19.
Do I need to use a rating agent?
No. There is no cost to submit or pursue a rates appeal. The benefit, however, of using a qualified and experienced rates advisor is to ensure that you receive professional advice and guidance during the appeal process. Appeals can be dismissed if proper procedures are not adhered to. An experienced rating agent will also be able to properly advise you on levels of value and represent your case should the appeal need to proceed to a hearing before a local valuation appeal panel or Lands Tribunal, in the event that a negotiated settlement cannot be reached.
Can I use any rating agent?
Yes, but you should be aware of potential rogue ‘rating agents’. Legitimate rates advisors will adhere to the Rating Code of Conduct and be professionally regulated by the Royal Institution of Chartered Surveyors, Institute of Revenues Rating and Valuations, or the Rating Surveyors Association.
Rogue agents will typically make promises of vast reductions before they even see your property and charge fees upfront before any work is undertaken.
WYM Rating will provide you with a high quality, professional, rates service.
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)
We welcome the opportunity to mitigate your rates liability. For further information, or simply to discuss the above in greater detail please contact:
The Merchants’ Hall
22 Hanover Street
Edinburgh EH2 2EP