The government has introduced on Wednesday (12 June) a bill that proposes changes to the frequency of business rates revaluations.
Property revaluations will increase to every 3 years, from the current 5 years, and the next revaluation will be brought forward a year from 2022 to 2021, as per the bill.
“We’ve listened to businesses asking for more frequent revaluations and are now acting so their bills will more accurately reflect current property valuesm,” said Rishi Sunak, Local Government Minister.
“By bringing forward the next revaluation to 2021, we are making sure businesses can benefit from the change as soon as possible,” he added.
The bill follows on from announcements on the subject at the 2017 Autumn Budget and 2018 Spring Statement.
The Association of Convenience Stores (ACS) has welcomed the development and called for more reform measures to the rates system.
“We welcome the confirmation of the move to more frequent revaluations, which is one of the recommendations that we have made to the Government in previous submissions to the Budget and Spring Statement. More frequent revaluations would mean more accurate rates bills,” said James Lowman, chief executive of the ACS.
“There are many more parts of the business rates system that need urgent reform, including disproportionate costs for ATMs and petrol forecourts. The most pressing need is for changes to the way that rates deal with investment. Businesses should be incentivised to invest through the rates system instead of being penalised, especially during the current uncertain business climate.”