Ludlow MP Philip Dunne has confirmed the Valuation Office Agency have completed their review of some businesses in Ludlow town centre, following their visit to the town earlier this year.
Data protection rules mean the Valuation Office Agency cannot yet reveal the extent of their review, but local businesses whose ratings have been reviewed will be notified individually by the VOA. Preliminary publicly available information reveals that on average, those businesses in Ludlow who have had their ratings reviewed have received an 8.8% reduction in their assessed new rateable value, compared to earlier this year, though there is a considerable range from 2% to 26% reduction in some cases.
The reductions in rateable values also indicate some businesses will move from receiving only transitional small business rate relief, to full small business rate relief, taking them out of paying business rates altogether.
Mr Dunne said: “I am very pleased that after some months working with Ludlow Chamber of Commerce and other local campaigners, the Valuation Office Agency have acted on our concerns and have confirmed they will be writing to individual businesses in Ludlow whose rateable values they have reviewed.
I have sought further information from the VOA for clarification. But initial figures and feedback from businesses to the Chamber of Commerce indicate some welcome reductions. This is encouraging progress, and should help reduce the burden of business rates on many Ludlow businesses.”
Tish Dockerty, Ludlow Chamber of Commerce Secretary, said: “Ludlow Chamber of Commerce are thankful to local independent consultant Tom Dixon and MP Philip Dunne for their support and advice on seeking changes for independent traders in Ludlow. Preliminary figures suggest that amongst the premises, the average reduction is around 9% with up to 26% reduction, making a difference of several thousand pounds to some local businesses.”
Photo: Philip Dunne MP with Ludlow Chamber of Commerce Secretary Tish Dockerty and independent ratings expert Tom Dixon