The UK Government has proposed to introduce more frequent non-domestic property revaluations in an improvement that is intended to make its business rates system fairer and more streamlined.
The newly launched consultation, part of the Fundamental Review of Business Rates which will conclude in the autumn, suggests that revaluations would take place every three years instead of every five.
This would ensure that rates better reflect changing economic conditions.
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.”
Meanwhile, Helen Dickinson, chief executive of the British Retail Consortium, gave her opinion, saying: “It is great that Government have heeded our call for more frequent revaluations.
“This should be the first step towards making the business rates system fairer and more reflective of current economic conditions.
“As retail emerges from the pandemic, a return to ‘business rates-as-usual’ could derail the industry’s recovery, with unnecessary shop closures and job losses the result.
“It is vital that the Government builds on this first step on the road to reform and stands by its commitment to reduce the overall rates burden on businesses and ensures there are no further delays to the outcome of the fundamental review.”