BUSINESSES across Chorley are checking how much they will be paying in business rates next year following a national revaluation by the Government’s valuation agency. The last valuation was in 2010.
Overall, the business rateable value across Chorley shows a reduction of 6.4% on the last valuation of 2010.
By sector, retail valuation falls by 7.7%, industry by 10.4% and the office sector with a 26.6% reduction. Other remaining sectors see an increase of 4.5%. Large increases or decreases will be subject to transitional arrangements.
THE NORTH WINS
The revaluation of business property cannot result in an increase or decrease the total value of Business Rate bills across the country, but it is expected that the north-west will benefit in a 10% fall in bills, with retail 15% , offices 10% fall and industry a 10% reduction. Any remaining sectors will collectively see no change. But London shows an increase across all sectors averaging 11%.
CHECK OUT YOUR BUSINESS
There's winners and losers, but you can check your business valuation here, and a link shows the estimated business rates in 2017.