Retailers to pay business rates that reflect current property values

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business rates
// UK business rates payers will have their bills accurately reflect current property values
// A property’s business rates bill will be determined by its rateable value
// The government recently introduced a £675m Future High Streets Fund to help improve access to high streets

Ministers have introduced a new legislation today which will mean UK business rates payers will have their bills accurately reflect current property values.

The legislation will help ensure bills accurately reflect the market value of property and maintain fairness by redistributing the total amount payable across the country.

A property’s business rates bill will be determined by its rateable value, and will be assessed by the Valuation Office Agency (VOA) in England, independently of the Government.

In 2016, the government completed a fundamental review of business rates and respondents agreed that property-based taxes were stable, easy to collect, and difficult to avoid. The government has therefore maintained business rates as a property tax.

Meanwhile, the Autumn Budget 2018 saw business rates relief cut small retailers’ bills by a third, part of over £13 billion of business rates support from the Government since 2016.

The government recently introduced a £675 million Future High Streets Fund to help improve access to high streets, and put historic buildings back to use in response to recommendations from the independent expert panel, led by Sir John Timpson.

Moreover, a separate Digital Services Tax will also be put into place to ensure that digital platform businesses pay their fair share towards supporting public services.

“We’ve listened to businesses asking for more frequent revaluations and are now acting so their bills will more accurately reflect current property values,” local government minister Rishi Sunak MP said.

“By bringing forward the next revaluation to 2021, we are making sure businesses can benefit from the change as soon as possible.”

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