Businesses across the Capital will need to be aware that their rating assessments are currently being re-valued with the new Rating List coming into force on 1st April 2017.
Click on the map to view business rate changes by London area or select an area from the dropdown.
The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.
* It is assumed liability increases will be capped based on the same Transitional Relief levels as the current list. To qualify the property must be in the 2010 List on the 31st March 2017.
** Assumes property does not qualify for Transitional Relief.
* April 2010 and April 2015 reflect Antecedent Valuation Date
With an office stock of just 6.5 m sq ft, the City’s Aldgate/Whitechapel is the smallest of the City sub-markets. Nearly a third of the market is found in the E1 8 sub-postcode, which is the area to the South East of Aldgate Underground station.
It is bounded to the West by the City Core and to the East by Docklands. Whitechapel Road is on the Crossrail route. Until six years ago, rents in Aldgate/Whitechapel were comparable with those in Shoreditch/Clerkenwell.However, recent years have seen rents surge ahead.
Shoreditch/Clerkenwell has been the focus point of London’s new wave of tech firms; whereas Aldgate/Whitechapel has been more of an overspill for the sector. Recent new office developments have, however, improved the quality of stock.
Aldgate/Whitechapel is home to a mixture of occupiers. While in the past it has been thought of as a back office district for large banks and insurance companies, the rise of London’s technology and creative sector, coupled with rent inflation in Shoreditch, has resulted in more tech and creative start-up companies favouring the E1 postcode.
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The new Rating List will come into force on 1st April 2017 and this will herald changes to the level of business rates charged across the Capital.
Our heat map reflects the anticipated impact businesses will face next year within each submarket.
Those with the strongest increases are in dark red and those in the lowest are in dark blue. By way of background, the rating lists are based on the rental market two years before the list comes into force.
The 2017 Rating List will reflect the changes in the rental market between April 2008 and April 2015.
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