In our article earlier this year (21st April), we advised that The Barclay Review of Business Rates in Scotland was well underway.
The Review was published in August 2017 with a number of recommendations plus a timeline for implementation of the new proposals.
The main recommendations of the Review have been divided into four main sections as follows:
- Efficiency and Transparency of the business rates system;
- Additional Support for ratepayers;
- Proposals to support Growth in the Scottish economy; and
- Tackling the issue of Tax Avoidance in order to ensure fairness
One of the main recommendations is for a three yearly revaluation cycle with a tone date one year before. Historically, there has been a five yearly cycle with a tone date two years prior. This new revaluation cycle would take effect from 2022 and would help to provide a business rates system which more accurately reflects, upwards and downwards, fluctuations in the non-domestic property market.
Furthermore, there is a proposal for a higher rate poundage multiplier, also known as Uniform Business Rate (UBR), bringing Scotland into line with England should provide a more level playing field as a location in which to do business.
More specifically, it is proposed relief be implemented for Children’s Day Nurseries together with more support for Town Centres via an increase in the current 'Fresh Start Relief' scheme.
This is only a small amount of the Report's wide and far reaching content. The full review can be found at:
Please do contact our team to discuss how these proposed changes and recommendations might affect your business.