The Non-Domestic Rating Act 2023 has now been processed through parliament and received Royal Assent.
What does this mean for rate payers?
– From 1st April 2024, improvement relief will be awarded to ratepayers for 12 months if improvements to their property create a higher rateable value.
– Revaluations will now be every three years, not five.
– It will now be mandatory for ratepayers to disclose information to the VOA about their properties. If not disclosed in a timely manner, the ratepayer will face imposed penalties.
– The rules of submitting a Material Change in Circumstances appeal have been restricted on certain grounds. Changes in legislation, licencing regimes and guidance from public bodies should no longer lead to a property’s rateable value changing between revaluations.
– There will be no six-month deadline at the start of every tax year for the Local Authority to grant discretionary relief.
– Yearly multipliers of business rates will be linked by default to CPI inflation.
– Local Authorities now have the power to serve Completion notices on ratepayers that are undergoing refurbishments to their properties, not just newly erected building.
– Separately assessed heat networks will now receive 100% rates relief. This has been agreed to run between 1st April 2022 and 31st March 2035
If you have any queries regarding any of the changes and think they may affect your business rates bill, please contact Rerate.
