In a report that has been keenly anticipated by the business rates sector, the Barclay review group published their Scottish business rates review earlier this week.
The Barclay review group was created to provide recommendations on reforming the current business rates system in Scotland. The group is chaired by Ken Barclay, former banker at the Royal Bank of Scotland and met numerous times over the past few months to compile the report.
Graham Isle, partner in our business rates team commented on the report, “This was a very welcome report for the Scottish business rates system, much like the current system in England it is in dire need of reform.
“The report has highlighted a number of key recommendations to the Scottish Government and I look forward to hearing their response. In particular, it will be interesting to hear what Secretary for Finance, Derek Mackay has to say, as he welcomed the review’s publication and remarked that the government would respond swiftly”.
“I believe that the key recommendations within in the review are the call for more frequent revaluations and a reduction in the period between valuation and implementation of the new valuations, currently this takes two years and means at the start of each rating list many property valuations are already outdated.
“There are also calls for the small business bonus scheme to be evaluated, town centres to be provided with more support by expanding fresh start relief and the large business supplement reduced.”
If you have any questions on the report or would like to find out more information, please contact Graham on 0113 221 6119.
Click here to view the full report.