New legislation to reform the business rates system to improve the accuracy of business rates bills for local shops has been welcomed by the retail sector.
The Non-Domestic Rates Bill aims to deliver on the government’s commitments to increase the frequency of revaluations and make the process of business rates valuations more transparent. The Bill also confirms the introduction the improvement rate relief to support investment in energy efficiency measures, as well as changing the annual inflation index for business rates from RPI to CPI, and kicking off the Digitalising of Business Rates project.
Association of Convenience Stores chief executive James Lowman praised the new legislation. “We welcome that the government will finally deliver on major reforms to the business rate system that have been promised for several years. A shift to three yearly revaluations and more transparency of valuation will increase the accuracy of bills and reduce the need for businesses to enter the appeals process.
“The introduction of the improvement relief will incentivise convenience retailers to focus their investments on improving the environmental impact of their premises and drive down their energy costs.”
The Bill had its First Reading on 29 March, with the Second Reading scheduled for 24 April.
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