The Government has recently outlined a discussion paper regarding longer term business rates reform, asking ratepayers, agents, local authorities and those working with in the industry to provide ideas and suggestions on how the system could be made simpler and more responsive to changes in economic circumstances.
The discussion paper outlines the current business rates system in England and how it is run, it then out lines the five main aspects of the current business rates system :
1) How property is current valued
2) How often properties are currently valued
3) How business rates bills are set
4) How business rates are currently collected
5) How information about ratepayers and business rates is used
The paper then invites ratepayers, agents, those working in the rating profession and local authorities to offer suggestions and improvements to the system.
The final section of the paper summaries the questions that the government is asking of stakeholders.
Ideas and suggestions will form the basis of a reform of the system after the next revaluation in 2017, implying that there are no imminent changes planned.
You can read the discussion paper here. The deadline for responses is June 6th 2014 and can be sent to the review team at : businessrates.review@hmtreasury.gsi.gov.uk