More than £1billion in unclaimed business rates could be kept by the government if firms fail to meet the strict deadline for appeals.
The government has admitted that many companies, including golf clubs, may be occupying over-valued premises, which means thousands could be in line for refunds, but in George Osborne’s Autumn Statement, the Chancellor ruled that firms have only until the end of this month to appeal if they wish to receive backdated refunds on any savings they are granted.
Whilst businesses will still be able to appeal between April 2015 and 2017, after 31st March 2015 any refunds or savings will only be backdated to April 2015, meaning that businesses could lose out on five years’ worth of rebates – restricting potential savings by around 70%.
For example, if a golf club has its rating assessment reduced from Rateable Value £100,000 to RV £80,000, the savings will be £63,042. However, if the Appeal is served after the 31st March 2015 deadline, then the savings are restricted to £19,940.
If you require advice on Business Rates Appeals, then please contact Hugh Wilkinson, a Chartered Surveyor based in Cheltenham who is a specialist in this field.
Contact Hugh Wilkinson BSc MRICS on [email protected] or 01242 524890.
By Mike Hyde
