Retail groups seek more frequent rates revaluations from Welsh Budget

Llanberis High Street in Wales. Photo: iStock

Business groups have writtten to Welsh finance secretary Rebecca Evans, urging more frequent revaluations of business rates in Wales.

The joint letter from eight organisations, including the Association of Convenience Stores, comes ahead of the Welsh Budget expected on 19 November.

The letter calls for the Welsh Government to bring business rates revaluations forward to every three years rather than every five years to bring the nation in line with proposals in England and Scotland.

More frequent revaluations would also increase the accuracy of valuations and reduce the sudden and often large fluctuations in values and bills, the letter moted.

“We have seen retailers continue to invest in their stores, but this often means that they are the penalised with higher rates bills as a result,” commented James Lowman, chief executive of the ACS.

“The Welsh Government needs to use this the Budget as an opportunity to introduce more frequent revaluations to help business rates bills flex more closely with the economy.”