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The Valuation for Rating (Plant and Machinery) (Wales) (Amendment) Regulations 2023
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- Wales Statutory Instruments
- 2023 No. 1229 (W. 217)
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Valuation for Rating (Plant and Machinery) (Wales) Regulations 2000 (“the 2000 Regulations”).
The 2000 Regulations prescribe assumptions as to plant and machinery on or in a hereditament for the purposes of rating valuation.
The Schedule to the 2000 Regulations prescribes the classes of plant and machinery which are to be assumed to be part of a hereditament for rating valuation purposes, with exceptions for certain prescribed classes.
Regulation 2 of these Regulations amends Class 1 in the Schedule to the 2000 Regulations to insert two further exceptions in respect of renewables plant and machinery and electric vehicle charging points. These exceptions apply in relation to days on or after 1 April 2024 and before 1 April 2035.
The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to these Regulations. As a result, a regulatory impact assessment has been prepared as to the likely costs and benefits of complying with these Regulations. A copy can be obtained from the Local Government Finance Policy Division, Welsh Government, Cathays Park, Cardiff, CF10 3NQ.
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