Paragraph 2(3)(b) of Schedule 6 to the Local Government Finance Act 1988 provides that when compiling a non-domestic rating list, the rateable value of a non-domestic hereditament is to be determined by reference to the day on which the list must be compiled or on a day preceding that day specified by order. This Order specifies the day by reference to which the rateable value of a non-domestic hereditament is to be determined for the purposes of the local and central non-domestic rating lists compiled after this Order comes into force.

Article 2 of this Order specifies 1 April 2024 as that day.

Article 3 revokes the Rating Lists (Valuation Date) (Wales) Order 2020 (S.I. 2020/1378 (W. 305)), which specified the day on which hereditaments were to be valued for the purposes of the lists compiled on 1 April 2023.

The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to this Order. As a result, it was not considered necessary to carry out a regulatory impact assessment as to the likely costs and benefits of complying with this Order.