Government confirms business rates revaluation delay

The government has confirmed that the next business rates revaluation will take place in April 2023, calling for evidence on a wider review of the system.

It was announced in May that the revaluation in 2021 would be postponed, but exact timings were not revealed until today.

“Under current legislation, the next revaluation would take effect on 1 April 2022 based on pre-COVID-19 property values as of 1 April 2019,” read a statement. “So that it better reflects the impact of COVID-19, it will be based on property values as of 1 April 2021.”

The Treasury also launched a Call for Evidence seeking views on how the business rates system currently works and ideas for change. This will come in two phases, with views sought on the multiplier and reliefs sections by 18 September, to inform an interim report in the autumn.

“Responses on all other sections are invited by 31 October, ahead of the review’s conclusion in Spring 2021.”

Tom Ironside, business and regulation director at the British Retail Consortium, commented that business rates are a huge burden for retailers even in normal circumstances, with the industry body blaming the current system for store closures and job losses.

“Securing a review of the system is a longstanding priority for the industry, and so we welcome the announcement of the Call for Evidence, which progresses a key objective for the BRC and the industry.

“Over the coming weeks, we will be working closely with retailers to develop our response," he continued, adding: "The overarching objective of the review must be a sustainable system that is fit for the 21st century and which reduces the overall burden on retail.”

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