Laura Sharman 30 June 2021

Treasury launches consultation for business rates revaluations every three years

Treasury launches consultation for business rates revaluations every three years image

Business rates revaluations could take place more frequently to better reflect changing economic conditions under proposals unveiled by the Government.

The Treasury has launched a consultation on revaluations of non-domestic properties occurring every three years rather than every five years as part of its wider reform on the business rates system in England.

The Government had previously introduced new legislation to increase the frequency of revaluations but this was delayed due to the pandemic.

Financial secretary to the Treasury, Jesse Norman, said: ‘As our economy is recovering, we are supporting businesses to build back better.

’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.’

Melanie Leech, chief executive of the British Property Federation, said: 'More frequent revaluations are desperately needed to support high street businesses and a more positive future for our town centres.

'Now the Government must also consider abolishing the system of downwards transitional relief, where a reduction to a rates bill following a revaluation is restricted. If the Government is serious about making business rates fairer, they must accurately reflect true rental values with immediate effect upon revaluation.'

The Government’s Fundamental Review of Business Rates will be published later this Autumn.

SIGN UP
For your free daily news bulletin
Highways jobs

Principal Engineer - Urban Traffic Control (UTC)

Liverpool City Council
£44,711 - £49,764
Liverpool is home to vibrant, energetic and engaged communities. Liverpool, Merseyside
Recuriter: Liverpool City Council

Social Worker Campaign - Adult Services

The Royal Borough of Kensington & Chelsea Council
Negotiable
Support residents to live more independently, with compassion at the heart of your workSupport residents to live more independently, with compassion a England, London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Prinicipal Surveyor

Durham County Council
Grade 14 £ 48,710 to £52,805 pa (Pay Award Pending)
We are looking for an individual who has specialist knowledge of property and property processes and who has a professional, positive, enthusiastic an Durham
Recuriter: Durham County Council

Customer Service Adviser (Saturday)

Oxfordshire County Council
£24404 - £24790
About the Role Customer Service Advisers are the first point of contact with library customers and library partners. The role involves continual interaction with users of the library, face to face, via email or by telephone and is a job where you can have Summertown Library, South Parade, Oxford
Recuriter: Oxfordshire County Council

Continuous Improvement Audit Lead

Oxfordshire County Council
£57178 - £60485
About the Role The Continuous Improvement Audit Lead will work collaboratively across our Children, Education and Families directorate, using learning from quality assurance activity to strengthen and develop all areas of children’s services’ skills, Oxford
Recuriter: Oxfordshire County Council
Linkedin Banner