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Business Rates revaluation: Government missed a right old trick.
Much squealing about something that has been in the offing for seven years, people act surprised that it actually happened. Tenants or buyers should have used a likely upwards revaluation as a bargaining chip in rent or price negotiations over the last few years.
From the BBC:
The new rating list for England and Wales will take effect in April 2017 and reflects the rental values of properties.
Overall figures for Wales show a 2.9% cut in rateable values, with shops falling by 8.8% and offices by 7%.
Across England, rateable values rise by 9.1%, ranging from a 22.8% increase in London to a 1.1% fall in the north east.
The really huge increases are in central London, where nearly all premises are tenanted. A slightly more cunning government would have frozen the amount that tenants have to pay and sent the landlord a bill for any increases (secured on the title, in case anybody wants to play the ‘foreign owners won’t pay LVT’ KLN).
That way, landowners wouldn’t be able to use actual real businesses as human shields.
Source: http://markwadsworth.blogspot.com/2016/10/business-rates-revaluation-government.html
