Scotland - 'No Delay to 2015 Revaluation'

In October 2012, we reported that the Under Secretary of State, had announced that the next business rate re-valuation in England will be 2017 rather than 2015. The reasoning given was to provide certainty of costs over the next 5 years and thereby avoid local firms and shops facing unexpected hikes in their business rate bills.

The Scottish Government subsequently followed that decision by also announcing that it too would delay the next revaluation of business rates by two years to 2017.

A petition initiated by Peter Muir, director and head of rating for Colliers International inScotland is opposed to the two year delay on the grounds that that retail businesses, including drinks retailers, are still paying non-domestic rates based on rental values taken at the height of the property market. The petition has been backed by the Scottish Chambers of Commerce.

Since the recession struck in 2008, experts have commented that rental values have fallen by an average of 23%. Accordingly, it is suggested that Scottish retailers will suffer further by delaying the next revaluation in order to keep the system in line with England andWales.

The closing date for signing the revaluation petition is 15^th March 2013, after which a decision will given on whether the matter merits Parliamentary time. A link to the petition can be found clicking here.