New proposals for the businesses rates system

The businesses rates system in England will be made fairer and much more streamlined with more frequent property revaluations, under proposals unveiled through the government.

Under the plans, revaluations of non-domestic properties would occur every three years instead of the current system of five – ensuring they better reflect changing economic conditions.

The proposals happen to be put down in a government consultation that will form one part of its Fundamental Overview of Business Rates, which is published later this Autumn.

The Fundamental Overview of Business rates, launched in July 2021, conducted a phone call for evidence which found more frequent revaluations to be a priority for respondents.

Jesse Norman, Financial Secretary to the Treasury, said: “As our economy is recovering, we are supporting businesses to construct back better. Proposals set out in this consultation indicates valuations more quickly reflect how the economy is performing, making the business rates system better and responsive, while balancing the burden for ratepayers.”