Business rates set to rise by as much as Â£11m
BUSINESS rates across Portsmouth are set to rise by as much as Â£11.6m next April say rent and rates specialists, CVS.
The government has adjusted the rateable values of every business property in England and Wales to reflect changes in the property market.
The new rateable value will be used to determine the basis of the tax calculation for rates next April.
The last revaluation came into effect on April 1, 2010.
However, new rateable values show that across Portsmouth, total rateable values have increased by a staggering £52m.
Mark Rigby, CEO of CVS said: ‘There’s no doubt that the new rating list isn’t the best bit of news for businesses in Portsmouth.
‘The previous business rates assessments took effect just as the financial crisis turned the property market on its head. That meant that over the last seven years, businesses in Portsmouth have effectively been paying less than what they perhaps should have been.
‘It is essential that businesses consider a thorough check of their new tax assessment as there may well be scope for an appeal.’