BUSINESS rates have been much in the news in recent months following the notification to ratepayers of their new Rateable Values, which will be effective from April 1.

At present though, the 2005 Rating List is still in operation and opportunities remain to secure reductions in current rateable values and rates payable.

With the opening of the Tesco Supermarket, at Crediton, town centre shops are braced to feel the effects, if any, on trading levels within the Town Centre.

If trade levels suffer, this is likely to have an impact on rental values, which are in turn related to the levels of rateable value.

In technical rating terms the opening of the Tesco Supermarket is a "material change of circumstances" and could be considered to affect Crediton Town Centre and therefore represents grounds for submitting a proposal seeking a reduction in rateable value.

Lloyd Smale of Drew Pearce (Chartered Surveyors) advises that at this stage it would be prudent for traders to monitor any changes in levels of trade, and to check the details of their existing rating assessments through the services of a Rating Valuation Surveyor, with a view to submitting protective proposals before March 31 to ensure they do not miss out on a potential rates saving.

It is also unlikely that the impact of the opening of Tesco has been reflected in the 2010 rateable values and therefore from April 1, apart from any wider valuation grounds of appeal, again the impact of Tesco on trading levels and hence rental values will be relevant in determining the correct level of rateable value.

Any local traders who require professional assistance in dealing with these rating valuation matters, can give Lloyd Smale of Drew Pearce a call on telephone 01392 686347.