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Rateable values update published

30 September 2016

Dramatic changes to property values in the London and South East England areas in particular are highlighted as driving major changes within the government's updated rateable values.

However, a cap on limits of both increases and decreases has been introduced to offset the effects.

The latest update is nevertheless seen by many as having the most impact for many years.

Quoted by the BBC, Colliers International's John Webber described it as "the largest changes to business rates . . . in a generation".

The changes are also expected to impact on a number of FM budgets.

Today's updated rateable values are the latest in the government's five-yearly publication of its assessment of underlying property values.

Using figures from two years ago, rateable values are combined with the 'multiplier' figure set by government each year to create the final sum.

Using figures from a study conducted by Colliers International, the BBC reported that 324 British retail centres will see their business rates fall, 21 will remain the same and 76 - principally in London and the South East - are predicted to see their rates rise.

Rises of between 415% and 102% are predicted for London areas including Dover Street and Shepherds Bush.

Reductions of between 71% and 38% are forecast for other areas such as Newport, South Wales, and Redcar, Yorkshire.

The changes will be introduced on an incremental basis over the next five years.

Further information is available at www.gov.uk/correct-your-business-rates



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