VOA announces phased improvements to business rates valuation transparency

The Valuation Office Agency (VOA) has outlined plans to enhance transparency in business rates valuations, with a phased rollout of new disclosures and systems through 2029.

By 2026, ratepayers will gain access to more tailored property valuation details. By 2029, this will expand to include specific valuation evidence, addressing calls for greater transparency. The changes stem from a 2023 consultation that sought input from ratepayers, agents, and other stakeholders.

“We understand the importance of greater transparency in business rates valuations. The consultation showed there are different views about what property valuation information should be disclosed,” Carolyn Bartlett, Chief Strategy and Transformation Officer at the VOA, said.

“We’ve balanced the desire for greater transparency from some with the concerns of others about the confidentiality of their data and a preference for simplified information.”

The improvements are part of broader reforms to business rates in England and Wales aimed at supporting more frequent property revaluations, set to occur every three years from 2026.

A key reform includes a new duty on ratepayers to provide property information to the VOA. Phased testing of this system will begin after April 1, 2026, with full implementation expected by April 1, 2029.

Under the new duty, ratepayers must notify the VOA within 60 days of changes to:

• The occupier.
• Lease or rent agreements.
• The property itself.

Some ratepayers will also need to provide annual trade information for valuation purposes. Additionally, all ratepayers will be required to confirm yearly that they have reported any changes.

“These changes will help us revalue properties every three years. More frequent revaluations mean fluctuations in the property market are reflected in business rates bills more quickly. This will make the system fairer,” Bartlett added.

Plans to simplify the Check, Challenge, Appeal process are scheduled for 2029, coinciding with the start of new rating lists.

The VOA has committed to a collaborative approach in implementing these reforms, and assured ratepayers that ample notice will be provided ahead of each change, along with guidance to support compliance.

“We aim to build a system that works for all ratepayers. This is whether they have one assessment or thousands, and whether they use an agent or deal with us directly,” Bartlett said.

“We will make sure the system has been thoroughly tested by ratepayers before we formally introduce the new requirements.”