Revaluations Every Three Years, High Street Support, and Tax Updates
- Business rates in England to better reflect property values under new legislation
- Revaluations to occur every three years instead of five
- Next revaluation brought forward from 2022 to 2021
- Rental value estimates to be more accurate and fair across the country
- Rateable value determines a property’s business rates bill
- Government provides £675m Future High Streets Fund for high street improvements
- No consensus on alternative taxes, so business rates maintained as property tax
- UK Digital Services Tax introduced for specific digital platform models
Business rates payers in England will experience more accurate bills reflecting property values due to new legislation. Revaluations will occur every three years instead of five, starting from 2021. The rateable value of a property determines its business rates bill, assessed by the Valuation Office Agency. The government has provided £675m Future High Streets Fund for high street improvements and maintains business rates as a property tax after reviewing alternatives. A UK Digital Services Tax targets specific digital platform models to support public services.
Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about the changes in business rates legislation in England, including the frequency of revaluations, the impact on businesses, and the government’s support for small retailers. It also mentions the Future High Streets Fund and the UK Digital Services Tax without any sensationalism or personal perspective.
Noise Level: 3
Noise Justification: The article provides relevant information about changes in business rates for properties in England and mentions related actions taken by the government to support businesses. It also briefly discusses the UK Digital Services Tax. The content is focused on the topic and supports its claims with evidence from the government’s actions.
Financial Relevance: Yes
Financial Markets Impacted: Local government, businesses, and property market
Financial Rating Justification: The article discusses changes in business rates legislation that will impact local governments, businesses, and the property market in England. This can affect the financial operations of these entities and potentially influence their decisions and investments.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in this article.
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