The Valuation Office Agency (VOA) has announced plans to share more detailed information on business rates valuations, making the system more transparent for ratepayers across England. Starting in 2026, businesses will have access to tailored information about their properties, and by 2029, they will be able to see specific valuation details and evidence.
Carolyn Bartlett, Chief Strategy and Transformation Officer at the VOA, noted that while ratepayers generally desire more transparency, some have concerns about data confidentiality. “We’ve balanced the desire for greater transparency from some with the concerns of others about the confidentiality of their data,” Bartlett explained.
Having more detailed information available may make it easier to detect whether an error has been made on your business property valuation.
Business rates reforms coming
The VOA’s disclosure improvements are part of a larger set of business rates reforms that will roll out from 2026 to 2029.
A key part of this reform is a new duty on ratepayers to provide property information to the VOA. This new requirement will start to be tested in phases from April 2026 and will become mandatory by April 2029.
Under the new duty, ratepayers must inform the VOA within 60 days of any property changes, including new occupiers, rent adjustments, and physical changes to the property.
For some businesses, there will also be an annual requirement to submit trade information if it is used in property valuations.
Ratepayers will additionally need to confirm annually that all property changes have been reported.
The VOA have confirmed that businesses do not need to take any action yet. They will contact businesses directly about the changes and tell them when they will be affected.
See: https://www.gov.uk/government/news/sharing-more-information-on-business-rates-valuations
November 21, 2024