Formula-based self-assessment critical to business rates reform

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The ALMR has applauded the Government’s proposals to bring forward more frequent three-yearly evaluations to promote a more responsive, accurate and transparent system. The ALMR has also supported the introduction of self-assessment and continued its push for root and branch reform for business rates in its submission to the Government’s consultation of rates revaluations.

The ALMR has consistently lobbied for meaningful reform of business rates and has pushed more three-yearly revaluations and a move towards self-assessment.

ALMR Chief Executive Kate Nicholls said: “The Government’s proposals for self-assessment and a formula-based approach should provide hospitality businesses with some degree of clarity and a chance to make a saving. These are, along with wider root and branch reform, proposals that the ALMR has been pushing for solidly for a number of years. There is a chance that amendments may be needed to the way in which property is valued, as well as its frequency, and the ALMR’s submission has put forward proposals to deliver this.

“A more streamlined system can ensure that valuations are set correctly in the first instance, eliminating the need for costly and time-consuming appeals and freeing up cash for retailers. The shift to a three year cycle, allowing for more frequent revaluations, will also reduce time between valuation and billing.



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