22 April 2013
Revaluation of Business Rates to take place in NI in 2015 ( 5th April 2013 )
The Finance Minister Sammy Wilson announced that a Revaluation of Business Rates would take place in NI in 2015 (5th April 2013).
Rates are a property based tax assessed on the individual rental value of commercial property. This assessment is based on a fixed date which is regularly reviewed, generally on a five yearly basis. In recent years this regular review process had not been adhered to in NI and current commercial property rates bills are based on assessments that were published in 2003 as a review that was due in 2010 was cancelled. Not surprisingly, the current burden of payment of rates is out of balance with the pattern of property rentals and the Revaluation exercise will seek to redress this imbalance.
The process starts this month when requests for completion of Forms of Return will be issued to every rate payer. This document will seek to obtain rental and lease information on all occupied property and completion of the information is a legal requirement. The information will have a direct impact on the level of new rates bills and it is therefore imperative that the detail is factually accurate and correctly assembled. For the first time the form of return will be completed on line.
As with any form of tax, it is prudent to take advice on rates to ensure the level of bill to your business is fair and accurate. DTZ McCombe Pierce offers a comprehensive service covering all aspects of Rates including completion of Forms of Return. If you are unsure about any aspect of Rates or any bills or correspondence received from LPS then please contact Colin McDowell.
Residential property is unaffected by the proposed 2015 Revaluation of Rates.
