Businesses have until 1st April 2015 to submit their rating appeal and will miss our on 5 years worth of rebates if they fail to do so.
The rateable value of a non-domestic property is assessed usually every 5 years and any appeal received in that 5 year period is backdated to the last assessment made. The chancellor extended the time period for revaluations from 5 to 7 years in his Autumn statement but did not extend the time period for the submission on an appeal.
Any successful appeals before 1st April 2015 will benefit from up to 5 years rebate, however those submitted between 1st April 2015 and 31st March 2017 will only benefit from a maximum of 2 years rebate. This will therefore mean a loss of 5 years worth of rebate.
The rateable value of a property is calculated on the rental value and considering that it is expected that a large number of places rents are substantially lower than it would have been at the last assessment many businesses could be losing out!
