Business rates revaluation postponed

The government has revealed that a revaluation of economic rates, scheduled to possess taken place next year, will now be deferred until 2022 in lowering uncertainty for firms impacted by the impacts of coronavirus.

The government continues work on the fundamental review of business rates, with the key aims of lowering the overall burden on businesses, increasing the current business rates system, and considering more fundamental alterations in the medium-to-long term.

Additional Information

• The Non-Domestic Ratings (List) Bill 2021-20 was originally brought to bring the date from the next revaluation forward from 2022 to 2021.
• The government remains dedicated to frequent revaluations to make sure that business rates receive bills that more accurately reflect up-to-date property rental values.

A revaluation is the overview of the rateable values of business and other nondomestic property in England in a particular time.

These are carried out to keep fairness within the system by redistributing the total amount payable in business rates, reflecting changes in the property market.

A property's business rates bill is based on an exact estimate of the premises' rental value.

With changing circumstances as a result of the coronavirus pandemic, the next revaluation will not go ahead in 2021.