In its response to the Government’s consultation on the frequency of Business Rates Revaluations, the Petrol Retailers Association (PRA) expressed concern that the ‘package of measures’ put forward did not represent a fair and balanced trade-off for ratepayers.
Gordon Balmer, PRA Executive Director, commented, “While three yearly revaluations are a move in the right direction and will be more accurate than five yearly revaluations, this shows a lack of ambition from the VOA and the Treasury. The Government should look to overhaul the existing system to provide greater transparency and explanation of valuations. This could be achieved through the implementation of a digitised system which allows for self-assessments from businesses.
“We also called for a move to annual revaluations with a one year Antecedent Valuation Date (AVD) starting from 2023. The result will be a fairer system and create a tax which businesses are more willing to pay. It is also wholly unacceptable that so many additional requirements are placed on the ratepayer if the VOA does not have the necessary resources to carry out regular, annual revaluations.”
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