Comprehensive review demands immediate change
After years of complaints from business, notably ‘bricks and mortar’ retailers that the system is broken, the committee’s first report into the inquiry, Impact of Business Rates on Business was published recently. BNPPRE was one of the 140 stakeholders to contribute.
The report is reassuringly very strong in identifying the deficiencies of the system, demands action and is unanimous in its recommendations, although the committee was unable to identify a reliable alternative to business rates.
Ian Allison and James Thompson discuss the report. Notable issues we are pleased have been identified are as follows:
The prorogation of parliament in Westminster has resulted in the Bill designed to introduce three yearly revaluations in England and Wales from 2021, “dying a death”. The Conservatives are keen on more frequent revaluations and we trust that the new Government will formalise this swiftly.
BNPPRE has long championed three yearly revaluations with a one year antecedent date; for the poundage to be pegged back to less than 40p and Check Challenge Appeal (CCA) (the online sequential bureaucratic process for contesting premises’ rateable values) is badly designed, lacks transparency and the timescales favour the Valuation Office Agency.
We are confident that parliament tending to the many issues will quell businesses’ complaints. We also hope the new Government recognises the seriousness of the report and the positive effect that its recommendations, if implemented, can have on business.