A revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of coronavirus, the government has announced.
Legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021 but following the recent economic impacts of the coronavirus pandemic ministers want to ensure businesses have more certainty during this difficult time.
Commercial Partner at Morecrofts, Donal Bannon said: “This is a welcome announcement from Government to postpone the revaluation of business rates; at a time when many businesses are struggling to survive the last thing they need to be distracted by further concerns over any possible increase in business rates.”
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.
“The government is continuing 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.”