Business rates are currently subject to widespread calls for reform, as highlighted by the recent open letter to the Chancellor from Hammerson boss David Atkins, which describes the system as anachronistic, opaque and no longer fit for purpose.
In response to mounting pressure George Osborne has promised a review of the system, but his Autumn Statement also included the announcement that backdated refunds will shortly be curtailed.
But, according to commercial property specialists Prop-Search, there is still time for bill payers to receive backdated refunds – providing they act by the end of the month.
Currently, if an appeal is successful, overpaid rates will be backdated to April 2010. Good news so far. However, if an appeal is submitted after 1 April 2015, then any refund due will be restricted to this date.
Chris Billson, a director of Northamptonshire based Prop-Search, warns bill payers need to act quickly if they feel they have grounds to submit an appeal.
“Whilst a number of ratepayers have already appealed against their assessments, a good number have not,” he said.
“The real issue for many ratepayers is that of late there have been a number of ground-breaking tribunal decisions which have reduced assessments most considerably.
“Those ratepayers who haven’t appealed could be paying far too much in rates and to compound the agony after 31 March, the government will effectively keep hold of five years of overpayment”.
Mr Billson goes on to say that there is still a window to submit a backdated appeal and urges bill payers to consider if an appeal is warranted sooner rather than later.
