Looming valuation date set for fast-tracked 2021 Revaluation
Following the recent announcement by Chancellor Phillip Hammond that the date of the next rating revaluation in England will be brought forward to 2021, legislation has just been passed confirming that the valuation date for that revaluation will be 1 April 2019 – less than 12 months away!
This follows the Government consultation on how to deliver more frequent rating revaluations, with the aim of keeping Rateable Values better aligned to market rents.
It sounds good in theory but, whilst many welcome the concept of more frequent revaluations, those at the top seem to be forgetting a whole host of issues that have still to be resolved following the last revaluation.
Here’s a little reminder for them:
1. The “Check, Challenge, Appeal” system recently introduced is still riddled with issues and the Valuation Office Agency needs serious investment in people (valuers not administrators) if another revaluation can be delivered.
2. There are still many appeals from the 2010 lists to be resolved.
3. The “staircase tax” cases are to be reopened…
4. There is a huge amount of research and analysis required if the 2021 rating lists are to be accurate. Some are already refer to a Rating “train crash” on the horizon.
Add to that litany of problems the delivery of an accurate and fair revaluation by 2021?
So, whilst the headline is great, the reality is a possible landslide of serious commercial issues for ratepayers, their agents and the Valuation Office Agency over the coming months. Watch this space…
Click below if you want to read the Statutory Instrument notice: file:///C:/Users/Deb/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/SPAO4JDV/SI%202018%20No%20553.pdf
When the new business rates bills for 2019/20 start to land next month, there will be many out there who feel they are shouldering an unfair tax burden.
A few interesting stats are doing the rounds at the moment after a hard start to 2019 for some retailers. A disappointing Christmas helped to push some retailers over...
A New Year and a new inquiry into business rates thanks to the intervention of the Treasury Select Committee.