Rates review

RATES REVIEW

The government is to review the administration of the business rates systems as part of its commitment to simplifying the tax system and has launched a two-month consultation say Harris & Co accountants Northampton.

The review will consider how the business rates system in England is administered by the Valuation Office Agency and local authorities in a bid to make it easier to understand and more transparent.

It is inviting views from business and local authorities on how the administration could be improved in the longer term – following the planned 2017 business rates revaluation – so it is more responsive to changes in property values.

The review will focus on five elements of the system: how property is valued; how often property is valued; how business rates bills are set; how business rates are collected and how information about ratepayers and business rates is used.

David Gauke, Treasury secretary, said:

‘We want to look at options for longer-term reforms that will make the system fairer, more efficient and more responsive to economic circumstances, while making sure business rates remain a stable and sustainable tax which funds essential local services.’

Responses are requested by 6 June 2014 and should be sent to: businessrates.review@hmtreasury.gsi.gov.uk.

Details of the review are here.