Evidence on Business Rates to the National Assembly’s Economy, Infrastructure and Skills Committee

5th October 2016 - Senedd (National Assembly for Wales)

5 October 2016

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Andrew West, Director of Business Rates at Cooke & Arkwright gave evidence, on behalf of the Royal Institution of Chartered Surveyors (RICS) Wales, to the National Assembly’s Economy, Infrastructure and Skills Committee earlier today, covering a wide range of topics related to Business Rates in Wales, including comparison with England, increasing transparency and modernising the Business Rates system in Wales.

Also giving evidence was  David Magor, Chief Executive of the Institute of Revenues, Rating and Valuation (IRRV) and Matthew Williams, Policy Advisor, Federation of Small Business Wales.

The Economy, Infrastructure and Skills Committee report to Mark Drakeford AM, the Cabinet Secretary for Finance and Local Government, with a view to informing the Welsh Government’s policy on this important text. 

It is hoped the evidence given will influence the Welsh Government in promoting business-friendly policies and the efficient, effective application of this important source of revenue, raising over £1 billion towards the funding of local government and police services in Wales.

There is a link to the committee meeting given below.

Evidence to the National Assembly

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Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

The Welsh Rugby Union Limited, Welsh Rugby Union Group