1 in 5 tax appeals from 2010 remain outstandingThursday, August 31, 2017
1 in 5 of all business rates appeals in England and Wales against 2010 property valuations still remains unresolved and outstanding new data disclosed today reveals, despite a new tax regime having started almost 5 months ago on 1st April.
The Valuation Office Agency, an Executive Agency of HM Revenue & Customs, has only last week confirmed that 233,550 business rates appeals still remain unresolved that, if successful, could trigger tax rebates for the last 7 years.
The agency confirmed that 29% of all appeals, almost 1 in 3, resulted in tax rebates back to business with 256,760 having successfully challenged their 2010 property valuation which has determined property tax bills for the last 7 years.
A total of 1,132,020 businesses in England and Wales have challenged their 2010 property valuation- this is more than half of the 1,995,163 properties overall liable for business rates.
The Government has earmarked £1.3billion for tax rebates this year against the new property valuations which came into force in April under the controversial Revaluation.
The news comes as the Government agency, during the last 7 years, has cut its workforce by over 500 staff, losing 1 in 7 staff already. The agency is also set to slash its staff numbers even further by a third by 2020, losing a further 1,000 staff as it grapples with an imposed budget cut of 29%.
We also know that revenue from the controversial business rates tax is projected to rise by £4.9billion; from £28.8billion last year to £33.7billion by 2021/22, representing a 17.01% hike in revenue.