The Association of Convenience Stores (ACS) has welcomed an announcement from the Ministry of Housing, Communities and Local Government on changes to the frequency of business rates revaluations.
The next revaluation, previously scheduled for 2022, will be brought forward to 2021, with revaluations then taking place every three years instead of the current five-year period.
ACS chief executive James Lowman said: “We welcome the confirmation of the move to more frequent revaluations, which is one of the recommendations that we have made to the Government in previous submissions to the Budget and Spring Statement. More frequent revaluations would mean more accurate rates bills.
“There are many more parts of the business rates system that need urgent reform, including disproportionate costs for ATMs and petrol forecourts. The most pressing need is for changes to the way that rates deal with investment. Businesses should be incentivised to invest through the rates system instead of being penalised, especially during the current uncertain business climate.”
In its submission to the 2019 Spring Statement, ACS called on the Government to introduce a Business Growth Accelerator, which would give businesses a two-year period to recoup investments in their property before business rates bills increase.
ACS has also called for free to use ATMs to be taken out of the business rates system altogether to help secure access to cash in the long term.