Business rates revaluation effective from 1 April
The next business rates revaluation will take effect from 1 April 2017. In the press release issued on 17 February 2017, the Government confirmed that:
- "The revaluation will make the system more accurate by ensuring business rates bills reflect the property market.
- Nearly three-quarters of businesses will see no change or a fall in their bills from 1 April 2017 thanks to the business rates revaluation, with 600,000 businesses set to pay no business rates at all.
- The government will not benefit financially from the revaluation – it is a revenue neutral process.
- In addition, from April 2020 business rates will switch from being linked to the Retail Price Index (RPI) to the Consumer Price Index (CPI), saving businesses around £370 million in total from 2020-21."
You can visit the Government's webpage to help you find and check your rates valuation here.
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