HC Deb 28 November 1991 vol 199 c603W
Mr. Gwilym Jones

To ask the Secretary of State for Wales what will be the valuation date for the 1995 non-domestic rating revaluation of properties in Wales.

Mr. David Hunt

The next non-domestic property revaluation for Wales is due to come into force from 1 April 1995.

I propose that the antecedent date, that is the common valuation date, for the 1995 revaluation will be 1 April 1993 and I will be laying the necessary regulations in due course. My decision will provide certainty for businesses and will allow adequate time for the assessment work to be carried out.

Our success in bringing down the rate of inflation means that the proposed non-domestic rate poundage for Wales for 1992–93 of 0.425 increases by just over 4 per cent. compared with just under 11 per cent. between 1990–91 and 1991–92. The contribution to local government spending by rate payers will in total increase by 2.1 per cent.

I have also laid before the House a draft order under the transitional arrangements setting the level of reductions for 1992–93 for businesses that benefit from lower rates. The reductions are 9 per cent. for properties with a rateable value of over £10,000 and 14 per cent. for other properties. The transitional arrangements are self-financing and the reductions have been calculated to off set the cost of limiting the levels of increase for those whose rates are higher.