The agency responsible for overseeing the property tax paid by companies in England and Wales is planning to close half its offices because of budget cuts, just as the government proposes a major increase in its workload.
The Valuation Office Agency, part of HM Revenue & Customs, is planning to shut down 26 of its 52 offices by 2023 and focus its presence in big cities. It is also cutting 1,000 staff by 2021 more than 25 per cent of its workforce.
The VOA on Monday confirmed the details of the shake-up, which a leading property adviser branded as a “shambles”.
The agency is responsible for overseeing business rates, a tax levied on companies based on the value of their premises. Business rates generate about £26bn each year in revenues in England and Wales, most of which goes to local authorities.
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