The Treasury has launched a consultation to seek views on a package of reforms to support the delivery of a three-yearly revaluations cycle, moving away from the recent five to seven-year cycles. This is one element of the UK government’s fundamental review of business rates, announced at Budget 2020, where the government is seeking further input from stakeholders – updates on the other areas within scope of the review will be provided at the review’s conclusion (due to be published in autumn 2021).
This consultation also seeks to test the government’s emerging thinking with regard to the viability of more frequent revaluations, for example introducing a system of annual revaluations such as those used in Hong Kong or the Netherlands. The consultation closes on 24 August 2021.
The Treasury has launched a consultation to seek views on a package of reforms to support the delivery of a three-yearly revaluations cycle, moving away from the recent five to seven-year cycles. This is one element of the UK government’s fundamental review of business rates, announced at Budget 2020, where the government is seeking further input from stakeholders – updates on the other areas within scope of the review will be provided at the review’s conclusion (due to be published in autumn 2021).
This consultation also seeks to test the government’s emerging thinking with regard to the viability of more frequent revaluations, for example introducing a system of annual revaluations such as those used in Hong Kong or the Netherlands. The consultation closes on 24 August 2021.
