Business Rates Reform to Improve Ratepayer Transparency
The Valuation Office Agency (VOA) has announced their future plans to give more transparency on Business Rates Valuations. This follows a consultation in 2023 where ratepayers and agents were asked what information they would like to have visibility of on how properties are valued.
This is a phased approach that the VOA are working towards:
- By 2026 ratepayers will be able access more tailored information about their property
- By 2029 ratepayers will be able to see specific valuation information and evidence
This will bring significant reforms to the business rates system, in order to modernise to bring it more closely in line with other taxes, deliver more regular revaluations and for the VOA to work more closely with Ratepayers.
This greater level of transparency however does bring about concerns on data confidentiality and the worry that Ratepayers could be overwhelmed with information.
What does this mean for Ratepayers?
This is part of a broader plan to change Business Rates in England from 2026 – 2029. The 2023 Non Domestic Rating Bill brings in the annual compliance return which places significant burden on ratepayers to follow a new compliance regime from 1 April 2026.
Ratepayers will also become responsible for notifying the VOA of any changes to their property or to the occupier, their lease or rent with 60 days of the event. For businesses where trade is used in their property valuation, such as leisure and hospitality businesses, trade will be required to be submitted annually.
The idea of this is to enable the VOA to revalue properties more frequently in a move that Carolyn Bartlett, Chief Strategy and Transformation Officer at the VOA, believes will ‘Make the system fairer’ by reflecting market fluctuations more frequently.
From 2026
The VOA aims to improve how information on a property valuation is shared and properties registered with the Check, Challenge and Appeal system will be able to request information as to how their property is valued and how this compares with other comparable properties. This will help Ratepayers to understand how the VOA have arrived at a value.
From 2029
In the second phase of these changes, the draft publication of the 2029 Rating List will include valuation evidence and the type of transaction used to arrive at a value.
Secondly, in order to speed up and simplify the process, changes are planned for the Check, Challenge and Appeal system for 2029.
Have any questions? Please contact our expert team at ForeView.
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