The government has published a discussion paper examining the possibility of more frequent revaluations for business ratepayers.
Revaluations currently occur every five years. The government has acknowledged that the main issue with implementing any new regime is the additional work it will generate and the lack of resources to carry out these more frequent revaluations.
A discussion paper identifies two main options to address resource issues. These are:
- Self-assessment – a ratepayer (or their representative) carries out a valuation of their property and provides this information to the VOA. Ratepayers who fail to meet this requirement would be liable for interest and penalties on any late paid tax.
- Formula option – a standard value per local authority would be applied to specific categories of business. For example shops of the same size, in the same local authority would have the same assessment regardless of specific location, shape and layout. The government would potentially couple this with the self-assessment option.
The National Farmers’ Union is particularly interested in hearing members’ views on this and which option they would prefer, if any. Do members think that valuations should continue to be carried out in the current method just on a more frequent basis? The discussion closes Friday 8th July.