SRC WELCOMES ‘HEADWAY’ BEING MADE ON BUSINESS RATES REFORM
In response to a written parliamentary question published today the Scottish Government has unveiled details of its planned Non-Domestic Rates Bill (https://www.parliament.scot/parliamentarybusiness/28877.aspx?SearchType=Advance&ReferenceNumbers=S5W-21757&ResultsPerPage=10), due to be published prior to Easter. The retail industry – which pays a fifth of all business rates - has been in the vanguard of calls for far more regular commercial property revaluations, a key plank of the proposed legislation.
David Lonsdale, Director of the Scottish Retail Consortium, said:
“Scottish Ministers are making welcome headway on key aspects of the rates reform agenda, particularly on more frequent property revaluations and reducing the period between valuations being undertaken and them coming into effect. This should help the rates system keep pace with structural changes in the economy and better reflect trading conditions, decrease the likelihood of major fluctuations in values and consequently lessen the appetite for appeals.”