Source · Select Committees · Housing, Communities and Local Government Committee
Recommendation 28
28
Paragraph: 129
We welcome the consultation on transitional relief, and recognise that more frequent revaluations will go...
Conclusion
We welcome the consultation on transitional relief, and recognise that more frequent revaluations will go some way to helping businesses pay the correct level of business rates for their properties’ rateable values. The Government’s consultation should consider how businesses in a downward property market can reach a stage where they are paying the correct rate more quickly than is currently the case.
Paragraph Reference:
129
Government Response
Acknowledged
HM Government
Acknowledged
The Government is aware of stakeholder concerns that downwards transitional relief arrangements have often prevented bills from accurately reflecting actual property values. In 2023, the Government will implement a new transitional relief scheme, taking into consideration a wide range of stakeholder views, which will support businesses until the next revaluation in 2026. The Government anticipates that a move to 3-yearly revaluations will ensure that businesses rates bills are fairer and more responsive to changing economic conditions for all ratepayers.