Description
Recent legislative changes in England have introduced mandatory property reliefs, revised valuation and completion notice procedures, enhanced compliance requirements, and ongoing reforms aimed at improving transparency and reducing tax avoidance in business rates.
3 Key Points
- Mandatory and Improved Reliefs: Heat network relief, rural rate relief, and discretionary reliefs have become mandatory or updated, with new rules for unoccupied properties and revised valuation timelines from five to three years.
- Stricter Valuation and Compliance Processes: Enhanced completion notice powers, improved data sharing between authorities, digitalised submission of taxpayer details, and penalties for non-compliance aim to streamline and enforce rating accuracy.
- Tax Avoidance and Professional Standards: Government consultations target abuse of empty property relief and rating agent misconduct, while industry initiatives promote training, transparency, and cooperation with professional bodies.
3 Learning Objectives
- Understand the key changes to property reliefs, valuation timelines, and completion notice procedures affecting rating and valuation practices.
- Apply new compliance requirements, including timely digital reporting of taxpayer information and awareness of penalties for misinformation.
- Evaluate ongoing reforms addressing tax avoidance and the importance of professional standards and collaboration within the valuation and rating industry.
