Government postpones Business Rates revaluation – how does this affect you?
Business Rates Revaluation Postponed for Another Year
The Government today (21 July 2020) announced that it has postponed the planned business rates revaluation until 2023 – which means that Rating Bills will, until then, continue to be based on April 2015 property values.
The next business rates revaluation was due to come into effect in 2021 however, earlier this year, the Government decided not to bring into force the statutory instruments (which had been drafted). We had therefore reverted to a 2022 revaluation, but this has now been further postponed to 2023. Whilst critics have suggested that some rate payers (especially retail, leisure and hospitality operators) will have to pay an extra two years of rates bills which do not reflect the impact COVID-19 and Brexit had on property rental values, the truth is that others (such as warehouse owners) will benefit as their Rating Bills will not reflect the significant recent growth in rental values.
This currently only refers to business rate payers in England.
To find out if your current rates bill is fair and correctly calculated, please call our Business Rates experts:
North: Frank Alder - 0151 242 1081 South: Chris Morrow - 020 7367 5394