Research performed by Altus Group suggested that the average increase in business rates liability for department stores was 26.6% across England and Wales in the 2018/2019 financial year when compared with figures from 2016/2017. This PDF looks at the most recent business rates revaluation.

1. 2017 BUSINESS RATES
REVALUATION

2. The most recent
revaluation of
commercial properties
in the UK for
business rates took
place in April 2017.
Revaluation ensures
that the rates are
accurate reflections
of the market values
of properties and is
designed to make
business rates fairer.
2 • RVA Surveyors
2017 BUSINESS RATES
REVALUATION

3. Revenue Neutral Process
The revaluation process is reve-
nue neutral, meaning the govern-
ment does not receive additional
funding following revaluation.
Any additional revenue generated
is given back to local authorities
where it is most needed in the
form of reliefs, cuts and funding.
Small Business Relief
In support of small businesses the
relief rate has been doubled, with
businesses having a rateable value
of less than £12,000 not required
to pay any rates. Businesses
whose rateable value falls be-
tween £12,000 and £15,000 will
see significant reduction in their
bills on a sliding scale.
Changes in 2020
When the next revaluation occurs
in 2020 it will be linked to the
Consumer Price Index rather than
the current Retail Price Index,
representing total savings to UK
businesses of an estimated £370
million for the 2020/2021 finan-
cial year.
RVA Surveyors • 3
Despite the relief package, many high
street retailers are struggling following
the 2017 revaluation.

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