Business Rates consultation launched
Posted on in Business News , Cycles News , Political News
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M Treasury has launched a consultation
on delivering more frequent business rate revaluations in England. The
consultation proposes a framework for moving towards three-yearly
revaluations from five-yearly and simplifying the appeals system.
M Treasury has launched a consultation
on delivering more frequent business rate revaluations in England. The
consultation proposes a framework for moving towards three-yearly
revaluations from five-yearly and simplifying the appeals system.
The consultation proposes two new requirements on retailers:
- A Duty to Notify the Valuation Office Agency (VOA) about property changes that affect business rates liabilities - for example, structural alterations, extensions or conversions. This would be done as changes are completed and via an Annual Confirmation Return.
- The mandatory provision of rental and lease information - for example rent amounts and what it includes, agreed incentives, responsibilities and rent reviews. To be provided after events where these might change (e.g. signing a new lease).
The consultation also suggests the following changes to the appeals system:
- Streamlining appeals by removing the ‘Check' stage from the Check, Challenge, Appeal (CCA) process - the function of Check would effectively be replaced by the new Duty to Notify.
- Introducing a three-month deadline to submit Challenges and a new fee - to ensure most appeals can be dealt with during the lifetime of a three-year list.
- Reviewing provisions around Material Change of Circumstances (MCCs) appeals - when MCC should apply.
This consultation has been announced while government work on the
fundamental review of business rates is ongoing. The outcome of this
consultation, and the wider business rates review, is expected in the
Autumn.
