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In an earlier news item we set out details of the publication of draft Statutory Instruments confirming the valuation date for the 2017 Rating Revaluation. These Orders have now come into force.
The Rating Lists (Valuation Date) (England) Order (Statutory Instrument 2014 No 2841) came into force on 21 November 2014 and The Rating Lists (Valuation Date) (Wales) Order (Statutory Instrument 2014 No 2917) came into force on 1 December2014. Both Orders confirm a valuation date of 1 April 2015 – effectively firing the starting gun for the 2017 business rates revaluation in these two countries. The Scottish government is expected to carry out a business rates revaluation at the same time.
These Orders confirm the date by reference to which values are to set, so rents agreed now and over the next few months are likely to provide strong evidence for the new level of rateable values to come into force in 2017. This should be borne in mind by anybody involved in agreeing rents, whether at rent reviews, new lettings, or lease renewals, over the next few months. Rental values agreed now are likely to translate into rateable values in 2017, and to set the occupier’s level of rates liability for five years after that.
