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News Release

London

2010 Rating Revaluation comes into effect today

Jones Lang LaSalle comments


London, 1st April 2010 - The 2010 Rating Lists come into effect today with new valuations for all business and non-domestic property in England, Scotland and Wales as determined by the Valuation Office Agency (VOA) and Assessor in Scotland.

The revaluation has resulted in winners and losers across the UK. In London, rating assessments for commercial properties have increased by an average of 10% and have fallen in other parts of the country – by an average of 1% in Yorkshire and Humberside, 2% in the North West and 10% in the West Midlands
 
Tim Beattie, Head of Rating at Jones Lang LaSalle, said: “Business rates and empty rate bills continue to be a significant overhead for owners and occupiers of non domestic properties.

“In a move that has been widely welcomed by the property industry the Chancellor introduced proposals in the 2010 Budget to give small business properties with rateable values of less than £6,000 a one year rate free holiday. However, for many business owners and occupiers the system has become increasingly complex for instance, there are currently different rate poundages for each area and transitional relief systems in England, Scotland and Wales as well as supplements for larger properties, over 60 Business Improvement District levies and the proposed GLA supplementary rate for Crossrail.”

Tim added: “It can often be difficult for businesses to reconcile the figures appearing on their bills, but the calculation of rate liabilities was never intended to be a burden.  We would advise anyone who believes their 2010/2011 rate liability to be too high or if it is causing them business hardship to seek professional advice as soon as possible.”