The Chancellor has announced in his first Spring Statement that Britain’s next business rates revaluation will take place one year earlier than planned, in 2021.
The announcement follows another the chancellor made during his inaugural Autumn Budget speech last November, in which he confirmed that business rates revaluations would take place every three years in the UK, rather than every five.
After 2021, the next business rates revaluation is set to be in 2024. The government hopes that more frequent revaluations will alleviate pressure on business owners faced with rising rental costs and will help stop sharp increases in business rates bills.
Hammond’s pledge comes one month after owners up and down the UK received updated business rates bills from their local authorities for the 2018/19 tax year. Overall, business rates were found to have increased by as much as 15 per cent since the previous revaluation was conducted in 2015. More information can be found at : https://realbusiness.co.uk/current-affairs/2018/03/13/spring-statement-hammond-brings-next-business-rates-revaluation-forward-2021/