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New proposals for the businesses rates system
The businesses rates system in England will be made fairer and more streamlined with more frequent property revaluations, under proposals unveiled by the government.
Under the plans, revaluations of non-domestic properties would take place every three years instead of the current system of five - ensuring they better reflect changing economic conditions.
The proposals have been set out in a government consultation that will form one part of its Fundamental Review of Business Rates, which will be published later this Autumn.
The Fundamental Review of Business rates, launched in July 2020, conducted a call for evidence which found more frequent revaluations to be a priority for respondents.
Jesse Norman, Financial Secretary to the Treasury, 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.”
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