Business Rates Revaluation Postponed

Communities Secretary Rt Hon Robert Jenrick MP has announced that the expected revaluation due in 2021, will no longer be taking place.

This is to support firms through the uncertainty that the coronavirus outbreak has caused.

Communities Secretary Rt Hon Robert Jenrick MP 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 £10 billion in business rates relief.”

A property’s business rates bill is based on a precise estimate of the premises’ rental value. Business rate bills are calculated using specific valuation methods. It is important for rateable values to be regularly updated through revaluations to ensure bills stay accurate. With changing circumstances as a result of the coronavirus pandemic, the next revaluation will not go ahead in 2021.

You can read the full details HERE.