Business Rates Changes Are Here!

Published: December 2004
Source/Company: London Clancy

Abstract:
Rating Revaluation 2005

The Valuation Office (Inland Revenue) is revaluing all business premises in England and Wales and is setting new Rateable Values from 1 April 2005 based on rental levels in April 2003.

The government has advised that the result of the revaluations is to increase Rateable Values overall by 17.9%.

This Revaluation is different to the previous ones and includes a number of important changes. The first change, which is already in place is part of the Government's 'Right First Time' approach. Other and more important proposed changes include the transition arrangements, a small business rate relief scheme and surcharges.

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