REVALUATION of business rates is set to cut bills by around  ten per cent for most local companies, a minister has claimed.

Local government minister Marcus Jones has published a consultation on the revaluation of business rates which he says will ensure bills accurately reflect changes in the property market.

New figures show that most businesses across the country will be unaffected or better off from what the Government says will be a fairer system.

Bills in the Yorkshire region will fall by ten per cent, or nearly £230 million, before inflation and transitional relief.

A minority of businesses will end up paying more with rises capped at five per cent in the first year for small properties, with £3.4 billion of transitional relief available to help business owners adjust to the new charges .

Mr Jones said from next April, businesses will also benefit from the biggest ever cut in business rates in England worth £6.7 billion over the next five years, meaning , 600,000 businesses across the country will pay no business rates .

Adjustments to the business rate multiplier will mean that, overall, receipts from business rates will remain constant in real terms following the revaluation.

Marcus Jones said: “This Government is cutting business rates. Yet local firms also need to be confident that the rates they pay are accurate and fair, no matter where they are in country, and these updates will give them that reassurance.

“We are committed to helping all businesses flourish and as we make the system fairer up and down the country, nearly three quarters of companies will see no change, or even a fall, in their bills – including 600,000 who from next April will have their bills cut altogether.

“But for the small minority of businesses that do face an increase, we’re putting in place £3.4 billion of transitional relief to provide vital support as they adjust to these fair and impartial changes.”

He said nearly three-quarters of businesses will see no change to their bills, or pay less

By 2020, councils will be able to keep 100 per cent of all locally-raised taxes to help fund local services, which will mean a stronger incentive for councils to support and help local firms grow and prosper.

While bills will be issued by councils, valuations will be conducted by the independent Valuation Office Agency, to avoid any conflict of interest.

From April 2017, businesses will also benefit from a quicker, more efficient service when checking and challenging their business rates bills. This includes a new online tool to provide information about their property as often as they like, and to track the progress of their check or challenge.

In the last Parliament, the Government intentionally changed the timetable of the revaluation from 2015 to 2017 to provide stability for businesses after the financial crash. Government-led efforts to boost the country’s economy and encourage growth have now led to 900,000 more businesses operating now than in 2010, and the Government believes it is now the right time to go ahead with updating the figures on which bills are based.

The deadline for the consultation is 26 October – details can be found on gov.uk