Property consultants Lambert Smith Hampton have launched a five point plan to reform the commercial rates system. The initiative follows on from the publication of a report by the Parliamentary Committee on Business, Innovation and Skills, which concluded that the current business rates system is not fit for purpose and called for a wholesale review.
Lambert Smith Hampton is calling for:
An early revaluation to properly reflect the economic decline of many sectors and locations
Abolition of empty rates to encourage reinvestment
Exemptions for small buildings to be replaced by a nominal annual charge.
Self assessment of rateable value by business, subject to Valuation Office review and appeal
Revaluations every three years to ensure rates properly reflect changes.
“The key ingredients are growth, reduced costs, fairness and self-determination for the ratepayer,” said a spokesman.