- Foxmain Associates
Business rates revaluation consultation launched
The UK Government is seeking input on plans to boost the regularity of business rates revaluations.
HM Treasury launched a consultation on business rates reform measures that could see revaluations of non-domestic properties take place every three years, rather than the current five-year period.
The consultation is part of the Government's wider review into business rates, which will launch this autumn.
"As our economy is recovering, we are supporting businesses to build back better," financial secretary to the Treasury, Jesse Norman, said.
"Proposals set out in this consultation would mean that valuations more quickly reflect how the economy is performing, making the business rates system more accurate and responsive, while balancing the burden for ratepayers."
Between 1990 and 2010, business rates revaluations took place every five years. However, the 2015 revaluation was postponed until 2017 and last month, the 2021 revaluation was postponed until 2023 to reduce uncertainty for businesses affected by COVID. It will be based on property values as of 1 April 2021.
The Treasury claims that making revaluations more frequent would ensure they better reflect changing economic conditions.
The consultation, which concludes in October, also contains proposals for introducing a duty to notify the Valuation Office Agency (VOA) and local authorities of relevant changes to the occupier and property, as well as a requirement for ratepayers to confirm certain data annually.
The Government is also seeking views in how business rates multipliers are set, how effective business rates reliefs have been and what role local authorities should have in determining business rates reliefs and exemptions.