ACS has welcomed the publication of a review into the way business rates are administered led by the Treasury and Department for Communities and Local Government. The review will look at the application of reliefs, communication with ratepayers, changes to the valuation process and frequency of valuation but are not reviewing the link between business rates and rental property values.
James Lowman, ACS Chief Executive said: “This review will provide retailers with a great opportunity to communicate the impact of business rate and how the system can be improved. We support a more fundamental review of business rates to ensure that this £23bn tax burden is shared fairly and does not prevent sustainable investment and growth.”
ACS Chairs the policy group of the Future High Street Forum and has been calling on Government to lead the debate on long term reform of the business rates system as well as encourage greater use of the discretionary rate relief scheme by local authorities. The minutes of the most recent meeting of the Forum are available here.
The review stipulates it needs a rates system to deliver “fairness, stability and predictability to ratepayers” and changes would need to maintain the current tax yield from rates. The government announced an extensive package of support for retailers in the Autumn Financial Statement meaning all retailers with a rateable value below £50,000 would receive a £1,000 reduction.
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