News & insight

2021 Rating Revaluation postponed

Matthew Midwinter / 6 May, 20

The 2021 Rating Revaluation has been postponed as a result of the Covid-19 outbreak.

The decision, which was announced by the government today, will help reduce the uncertainty for UK businesses, many of which have been significantly impacted by the coronavirus.

“We fully support the decision to postpone the Revaluation to allow businesses more certainty during the next period. That said, we must not lose sight that the system needs to be reviewed and reformed. ”

Matthew Midwinter - SW head of Rating

Matthew added, “We still see many businesses paying too much in business rates and increasing the frequency of Revaluations is a way of creating a fairer tax system. As it stands, business rates are valued based on the property market in 2015, when rental values were higher across many sectors.

“We’re hopeful the next steps will be to conduct a Revaluation once the impact of Covid-19 on business has stabilised.   It would make more sense to assess the economic conditions in April 2021 and then hold a Revaluation a year later.

The announcement comes as hundreds of thousands of UK businesses apply for grants and reliefs as part of the government’s Coronavirus response, which includes just under £10 billion in business rates relief.

 

Topics: News

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