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Business Property Values

Volume 204: debated on Tuesday 25 February 1992

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To ask the Secretary of State for the Environment what mechanisms exist or are planned for review of rateable values for the uniform business rate; and if he will make a statement.

All rateable values, including those currently prescribed by my right hon. Friend, will be reassessed in 1995. We have announced that the proposed valuation date for the revaluation is 1 April 1993. In preparation, a committee is also reviewing the rating of plant and machinery.All assessments in current rating lists are based on a common valuation date of 1 April 1988. Any changes in relative values since that date will be taken into account at the next revaluation. All ratepayers had the right to challenge their individual assessments during the first six months of the current lists. They continue to have rights of challenge where there is a change of circumstances affecting a property and in certain other prescribed cases.