Non-domestic Rates

Part of 1. Questions to the Cabinet Secretary for Finance, Constitution and Cabinet Office – in the Senedd at 2:10 pm on 15 May 2024.

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Photo of Rebecca Evans Rebecca Evans Labour 2:10, 15 May 2024

I'm really grateful to Vikki Howells for raising that, and I know that she's been talking to businesses in her local area a great deal, and they have been expressing concerns about those gaps between revaluations. That's one of the reasons why we're introducing, through our local government finance Bill, three-yearly rolling revaluations now for businesses for non-domestic rates. We think that three years does give that balance between certainty for business, but then also reflecting more up-to-date and current market conditions. So, three years is the number that businesses and their representative bodies have been telling us that they would welcome. I think that that's a particularly positive part of our reforms that we're undertaking.

The 2023 revaluation was surprisingly smooth, so I think that we can take some comfort from how well that revaluation went. We were able to provide, of course, some transitional support for businesses that saw an increase in their Bills, but when we do have this cycle of more frequent revaluations, we should see a little less churn.

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