Improved information on business rates valuations is to be shared by the Valuation Office Agency, which will by 2026 allow ratepayers to see more tailored information about their property, and by 2029 to see more specific valuation information and evidence.
This follows last year’s consultation in which ratepayers, agents and others what information they wanted to see disclosed about how properties are valued.
Carolyn Bartlett, the VOA’s Chief Strategy and Transformation Officer, said: “We understand the importance of greater transparency in business rates valuations. The consultation showed there are different views about what property valuation information should be disclosed.
“We’ve balanced the desire for greater transparency from some with the concerns of others about the confidentiality of their data and a preference for simplified information.”
This is part of a wider set of changes that are coming to business rates in England over the same period, and which are said to support the VOA to deliver more frequent property revaluations.
The changes include a new duty on ratepayers to provide information about their property to the VOA. The new information duty on ratepayers is expected to be introduced after 1 April 2026. It will be tested with small numbers of customers in phases from that point so we can make sure the system works for all ratepayers.
The duty will then be formally activated and mandated for everyone by 1 April 2029.
There is no action you need to take now. We will tell you about the changes and when you will be affected.
The new duty means ratepayers will have to tell the VOA within 60 days when there are changes to their property. These include changes to:
- the occupier
- their lease or rent
- the property.
For a small number of ratepayers, they will also have to provide trade information once a year, if it is used to value their property.
Once a year ratepayers will also be asked to confirm they have told the VOA of any changes to their property.
Carolyn Bartlett aded: “These changes will help us revalue properties every three years. More frequent revaluations mean fluctuations in the property market are reflected in business rates bills more quickly. This will make the system fairer.”
