Could the Government's revised rateable values for all commercial properties in England give the High Street and other local commercial districts a much needed boost going into 2017?
With the revised business rates being payable from 1st April 2017 local premises may very well benefit.
This is good news for commercial landlords and local business alike. Should the Dorset area benefit from reduced business rates, businesses hopefully will find themselves with better cash flow prospects which in turn will be a good thing for landlord investors.
On 30 September 2016 the Government published draft revised rateable values (“RV’s”) for all commercial properties in England. It is estimated that over 1.8 million properties have been revalued and once finalised these RVs will be used to calculate the business rates payable by commercial occupiers from 1 April 2017. Given that the current valuation was set in 2008 a considerable hike in rates bills is expected in those areas that have seen significant rental growth in that period. Conversely, there will be rates reductions in areas where rental values have not recovered from the recession.