Our final submission in response to the Government's Transforming Business Rates Discussion Paper has now been submitted to HM Treasury.
The paper sets out our key priorities in relation to the areas covered by the Discussion Paper. These include:
- The BRC welcomes the introduction of permanently lower multipliers for retail, hospitality and leisure properties through the Non Domestic Rating (Multipliers and Private Schools) Bill, which will provide much needed support for smaller shops.
- The Bill should be amended to exclude all shops from the scope of the higher multiplier or assurance should be provided by government as soon as possible that they will be excluded when the regulations are laid to implement the new multipliers.
- Clarity should be provided, as soon as possible, in relation to when key information relating to the Bill and opportunities to engage will be made known.
- The Bill should be amended to ensure the £500,000 threshold is index linked to avoid fiscal drag.
- The duration of Improvement Relief should be extended to 3 years and a green super-deduction capital allowance should be introduced for retrofitting of properties.
- Installations used in stores solely for the Deposit Return Scheme (DRS) should be exempt from business rates.
- The gap between the Revaluation and the Antecedent Valuation Date should be shortened to a year. Moving towards more frequent valuations is supported.
- The appeals process must be accelerated to ensure rapid settlement of overpayments, alongside improved accuracy of valuations.
- The Government’s intention to examine whether bills for businesses should move with changes to the valuation of the properties is strongly supported.
- The Small Business Multiplier threshold should be index linked to avoid fiscal drag.
