Tax & admin Fred Heritage · 22 November 2017
Autumn Budget 2017: Business rates revaluations to take place every three years
The chancellor, Philip Hammond, has announced that UK business rates revaluations will now take place every three years, easing pressure on small business owners. In his Budget speech on 22 November, Hammond said the change will come into force after the next business rates revaluation in Britain, due in 2022. Up until now, business rates revaluations have been set every five years, with the most recent revaluation having occurred in April this year. In his speech, the chancellor said: I have heard the concerns about the five-yearly revaluation system. Shorter revaluation periods will reduce the size of changes in valuations. I can announce today that after the next revaluation, future revaluations will take place every three years. This Conservative government listening to our small businesses. Alex Probyn, President of the UK business rates division of Altus Group, Britain’s largest ratings advisor, welcomed the announcement with a cautious optimism. He said: A shorter valuation period undoubtedly has benefits in terms of the speed at which value changes are passed on to ratepayers, but there is an inevitable increase in costs in revaluing more frequently. the government has stated that any changes must be revenue neutral, and this appears to mean thatthose extra costs will be passed to the ratepayer. an apparently popular option self-assessment is fraught with difficulties and is too high a price to pay. Self-assessment essentially shifts the costs of setting value onto the ratepayers, placing the burden on them to make a correct assessment or face penalties.
ABOUT THE EXPERTFred Heritage
Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.