Sunday, December 8, 2024

Valuation Office Agency to improve shared information on business rates valuations

Improved information on business rates valuations is to be shared by the Valuation Office Agency, which will by 2026 allow ratepayers to see more tailored information about their property, and by 2029 to see more specific valuation information and evidence.

This follows last year’s consultation in which ratepayers, agents and others what information they wanted to see disclosed about how properties are valued.

Carolyn Bartlett, the VOA’s Chief Strategy and Transformation Officer, said: “We understand the importance of greater transparency in business rates valuations. The consultation showed there are different views about what property valuation information should be disclosed.

“We’ve balanced the desire for greater transparency from some with the concerns of others about the confidentiality of their data and a preference for simplified information.”

This is part of a wider set of changes that are coming to business rates in England over the same period, and which are said to support the VOA to deliver more frequent property revaluations.

The changes include a new duty on ratepayers to provide information about their property to the VOA. The new information duty on ratepayers is expected to be introduced after 1 April 2026. It will be tested with small numbers of customers in phases from that point so we can make sure the system works for all ratepayers.

The duty will then be formally activated and mandated for everyone by 1 April 2029.

There is no action you need to take now. We will tell you about the changes and when you will be affected.

The new duty means ratepayers will have to tell the VOA within 60 days when there are changes to their property. These include changes to:

  • the occupier
  • their lease or rent
  • the property.

For a small number of ratepayers, they will also have to provide trade information once a year, if it is used to value their property.

Once a year ratepayers will also be asked to confirm they have told the VOA of any changes to their property.

Carolyn Bartlett aded: “These changes will help us revalue properties every three years. More frequent revaluations mean fluctuations in the property market are reflected in business rates bills more quickly. This will make the system fairer.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.








Latest news

Related news