Swindon’s Kilpatrick & Co are reminding businesses of the last call for rates appeals under the 2010 Rating List is March 31 2017. After that date, no appeals will be possible against 2010 Rateable Values.
Andrew Kilpatrick of Kilpatrick & Co said: “Many businesses do not realise that the 2010 Rateable Values will still be significant even after the 2017 Rating List comes into effect from March 1 2017 as the new transitional provisions, phasing in a rates increases and decreases, mean rates liabilities for many properties will still be based on 2010 Rateable Values plus transition. Where the 2017 Rateable Values differ significantly from 2010 levels, such as on town centre shops, or specialist properties like pubs, restaurants, petrol stations, etc., the 2010 Rateable Values may be significant for several years of transition. Hence, appealing now can be of financial benefit for up to another 5 years.
For example, the former Currys shop in prime Regent Street, Swindon had a 2010 RV of £282,500 which is reduced to £158,000 for 2017, a 55% decrease. Its rates liability ought to reduce from £138,707.50 to £75,682, but thanks to transition, rates will continue to be based on the higher 2010 RV right up to 2022, i.e. for the whole five year life span of the 2017 Rating List! So only an appeal against the 2010 RV will produce any rates savings for the next five years.”
Kilpatrick & Co offer specialist rating advice on all types of properties and anyone wanting advice on rates appeals can contact Kilpatrick & Co on 01793 643101 or 01635 229030 or by email to firstname.lastname@example.org
For further information on Kilpatrick & Co and their rates appeal services visit www.kilpatrick-cpc.co.uk or contact Andrew Kilpatrick or Daniel Pitt on 01793 643 101