Business rates revaluation postponed

A revaluation of business rates will no longer take place in 2021 in order to help reduce uncertainty for firms affected by the impact of coronavirus, communities secretary Robert Jenrick has announced.

Legislation had been introduced to bring the next revaluation forward by one year, from 2022 to 2021, but following the recent coronavirus pandemic, ministers have said they want to ensure businesses have more certainty during this difficult time.

Jenrick said: “We have listened to businesses and their concerns about the timing of the 2021 business rates revaluation and have acted to end that uncertainty by postponing the change.

“Now is the time for us to continue to focus on supporting businesses affected by the pandemic, including through our unprecedented package of almost £10b in business rates relief."

The government is continuing to work on the fundamental review of business rates, with the key aims of reducing the overall burden on businesses, improving the current business rates system, and considering more fundamental changes in the medium-to-long term. The call for evidence for the review will be published in the coming months.

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