Business rates are revalued by the Valuation Office Agency (VOA). The change to self-assessment was proposed to help the government increase the frequency of business rate revaluation and remove the burden of the revaluation process from the VOA. Self-assessment is used in other areas of tax, for example income tax and inheritance tax.
So what progress has been made? In March 2018, the government released a summary of responses to its review of business rates revaluation. It concluded:
“The government has decided not to introduce self-assessment or a formula model at this time.”
We have to bear in mind that the government pledged only to “explore” the introduction of self-assessments. That means that, given there is evidence they have considered this approach (even though deciding not to go ahead), they have fulfilled their promise. The policy can be therefore be considered ‘done’.
- Business rates – Gov.uk
- Business rates: delivering more frequent revaluations: summary of responses – Gov.uk (PDF)
- Reviewing and reforming business rates – Parliament.uk (PDF)