It is now less than 6 weeks until the 2017 Rating List goes live on 1 April 2017.
The Welsh Government has announced it will not be adopting the proposed Check, Challenge, Appeal (CCA) system which has been the subject of much debate in England. A spokesman for the Welsh Government said that it regarded the new system as an ‘England-only initiative’.
With much bad press surrounding business rates and the proposed CCA system in England recently, it is encouraging to see the Welsh Government using its newly devolved powers to assist ratepayers in Wales.
The Welsh Government has also made proposals outlining a £10m fund which will be available to assist firms in coping with changes to their business rates liability, including:
High street retailers with a £6,001 to £12,000 rateable value, already receiving small business rates relief or transitional rates relief, will have their rates bill reduced by £500 or to zero if their bill is less than £500
Eligible high street retailers with a £12,001 to £50,000 rateable value facing a rates increase in April will have their rates bill reduced by £1,500
Full details are limited at this stage and we wait to see how this fund will work alongside the proposed transitional relief scheme for those few ratepayers who, as a result of their new 2017 Rateable Value increasing over the key threshold, will no longer qualify for small business rates relief.
The 2017/18 rate demands will be issued over the coming weeks, so now is the time to review your rating position. Not only should businesses be taking advice on their new 2017 Rating List Rateable Value, but time is quickly running out to review the current 2010 Rateable Value. The deadline to raise appeals against the existing 2010 Rateable Value is 31 March 2017 and any successful appeal could result in backdated savings in Wales to 1 April 2010.
Please contact the Cushman & Wakefield rating team to review your assessment and provide advice before it is too late!