L E G I S L AT I O N
BUSINESS RATES
Transitional relief vital ahead of business rates revaluation With business rates revaluations due next year, ACS believes transitional arrangements are important to smooth out fluctuations caused by the pandemic and significant changes in consumer shopping habits.
T
he Association of Convenience Stores has highlighted the importance of transitional arrangements in advance of the business rates revaluation due in 2023 in a submission to the Department for Levelling Up, Housing and Communities. In the submission, ACS makes several recommendations including: ● Deliver faster downward transition to businesses that have seen a reduction in their business rates bills; ● Retain upward transitional rate relief for businesses that have seen an increase in their business rates bills funded through central government;
● Continue to recognise small businesses in the transitional rate relief caps.
ACS chief executive, James Lowman, said: “Transitional arrangements are important to smooth fluctuations in business rates at revaluations. A revaluation has not taken place since 2017 so the latest revaluation will result in big fluctuations in rates bills given the disruption that has occurred as a result of the pandemic and significant changes in consumer shopping habits.” Meanwhile, the government has launched a public consultation on digitising business rates.
It is seeking views on how it proposes to connect business rates and tax information, which will impact all ratepaying businesses. The new system would link business rates information to tax records and enable businesses to view a copy of business rates billing information for all their non-domestic properties in England in one place, alongside other tax information. The government said the new system would allow opportunities to better target business rates policy, more effective compliance, and a better experience of the business rates and wider tax system for businesses.
WEDNESDAY 3RD AUGUST 2022/ ISSUE 116/ SLRMAG.CO.UK I 15
