Non-domestic Rates: Coronavirus

(asked on 10th June 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the effect of the Valuation Office’s rounding policy on applications for Coronavirus Business Grants; and if he will (a) temporarily suspend the rounding policy used by the Valuation Office Agency when assessing the rateable value of a premises and (b) ensure that SMEs that benefit from that suspension are able to submit backdated applications for Coronavirus Business Grants.


Answered by
Kemi Badenoch Portrait
Kemi Badenoch
President of the Board of Trade
This question was answered on 19th June 2020

A property’s valuation for rating purposes is the Rateable Value (RV) shown in the Rating Lists. It is this readily available information which Local Authorities have used to help determine eligibility for grants under the Small Business Grant Fund, and Retail, Hospitality, and Leisure Grant Fund. Linking these grants to the existing business rates system has allowed Local Authorities to make payments quickly to businesses in need.

The RV represents the VOA's opinion of the open market rental value at the valuation date. Rounding ensures consistency of assessment between comparable properties. It also follows practise in the rental market. Considerations other than valuation questions cannot influence Rateable Values.

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