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Commercial And Industrial Premises (Revaluation)

Volume 114: debated on Tuesday 7 April 1987

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asked the Secretary of State for the Environment when he proposes to lay the order regarding the revaluation of commercial and industrial premises in England.

My right hon. Friend today laid the two orders needed to provide for a revaluation of non-domestic properties in England and Wales, to take effect in 1990. This will be the first such revaluation since 1973. It will generally assist businesses in those areas and sectors of the economy which have been most affected by the recession. They have been carrying an unfair share of the rates burden in recent years.The revaluation is timed to coincide with the introduction of the proposed uniform non-domestic rate poundage. This will remove the present distortions in non-domestic rates. The uniform rate will then increase no faster than the rate of inflation, giving businesses the benefit of stable and predictable rate burdens.