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Spring Statement announces that the government is bringing forward the next property revaluation for business rates by one year to 2021. This follows the Autumn Budget 2017 move to increase the frequency of property revaluations from every 5 to every 3 years; and that this will continue to be carried out by the Valuation Office Agency (VOA). The government has decided not to introduce self-assessment at this stage.
In 2016 the government published a discussion paper on delivering more frequent revaluations. This document provides a summary of responses.
At Budget 2016 the government announced it will aim to introduce more frequent (at least 3 yearly) revaluations of properties in England for business rates purposes. This discussion paper sets out the challenges of delivering more frequent revaluations under the current valuation system; and alternate approaches including self-assessment and a formula approach.
The paper does not indicate a government preference and does not discount other options. The paper aims to enable stakeholders to consider the trade-offs of delivering more frequent revaluations against the merits and limitations of the current bespoke valuation system. Stakeholder responses are requested by Friday 8 July 2016.