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
The City market comprises around 118 m sq ft of office stock and covers the area from the Pentonville Road in the north to SE1 in the south, Aldgate in the east and Kingsway in the west. The majority of the office stock is concentrated in the City Core submarket which is characterised by its large, modern, efficient floorplates.
Occupier activity in the core has remained strong. In an environment of diminishing supply, upward pressure on rents has resulted.
The majority of London’s large financial sector occupiers are clustered in the heart of the City Core, around the Bank of England in EC2. However, the submarket is also home to London’s insurance industry which is clustered around Lloyds of London in EC3.
While the traditional legal occupiers are concentrated around the Royal Courts, the large corporate lawyers have followed their clients, and many are based alongside financial institutions in the City Core.
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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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