7 2 ▁and ▁su pers eded ▁by ▁the ▁Po or ▁Law ▁of ▁ 1 6 0 1 . ▁The ▁Local ▁Government ▁Fin ance ▁Act ▁ 1 9 8 8 ▁introduced ▁business ▁rates ▁in ▁England ▁and ▁Wales ▁from ▁ 1 9 9 0 , ▁repe aling ▁its ▁immediate ▁prede cess or , ▁the ▁General ▁R ate ▁Act ▁ 1 9 6 7 . ▁The ▁act ▁also ▁introduced ▁business ▁rates ▁in ▁Scotland ▁but ▁as ▁an ▁am end ment ▁to ▁the ▁existing ▁system , ▁which ▁had ▁evol ved ▁separately ▁to ▁that ▁in ▁the ▁rest ▁of ▁Great ▁Britain . ▁Since ▁the ▁establishment ▁in ▁ 1 9 9 7 ▁of ▁a ▁Wel sh ▁Assembly ▁able ▁to ▁pass ▁legisl ation , ▁the ▁English ▁and ▁Wel sh ▁systems ▁have ▁been ▁able ▁to ▁diver ge . ▁In ▁ 2 0 1 5 , ▁business ▁rates ▁for ▁Wales ▁were ▁de vol ved . ▁ ▁The ▁Local ▁Government ▁Fin ance ▁Act ▁ 1 9 8 8 , ▁with ▁follow - up ▁legisl ation , ▁provided ▁a ▁fresh ▁administrative ▁framework ▁for ▁assess ing ▁and ▁b illing ▁but ▁did ▁not ▁re define ▁the ▁legal ▁unit ▁of ▁property , ▁the ▁her edit ament , ▁that ▁had ▁been ▁developed ▁through ▁rating ▁case ▁law . ▁ ▁Properties ▁are ▁ass essed ▁in ▁a ▁rating ▁list ▁with ▁a ▁rate able ▁value , ▁a ▁valu ation ▁of ▁their ▁annual ▁r ental ▁value ▁on ▁a ▁fixed ▁valu ation ▁date ▁using ▁assumptions ▁fixed ▁by ▁stat ute . ▁R ating ▁lists ▁are ▁created ▁and ▁maintained ▁by ▁the ▁Val u ation ▁Office ▁Agency , ▁a