Businesses to benefit from change to business rates revaluations sooner than expected
Earlier today (Tuesday 13th March) Chancellor Philip Hammond delivered the first ever spring statement. The Spring statement providing an update on the overall economy, a chance to review progress made since 2017’s Autumn Budget and allows businesses to comment on proposed changes.
One of the standout announcements in Hammond’s speech was the commitment to help businesses by bringing forward the next business rates revaluation to April 2021.
This change makes this current list, a four-year revaluation, a stepping stone to the three year revaluation pledge that the Chancellor made in the 2017 Autumn Budget.
Graham Isle, partner and business rates expert in our Leeds office commented, “Today’s announcement was a welcome one for businesses of all shapes and sizes across the UK as it will ensure that business rates bills are more in line with the property’s market rental value and therefore fairer bills will be generated.”
After 2021, the next three-year revaluation will take place from April 2024.
There was more good news among other changes in today’s announcement with the economy exceeding expectations in 2017 with five consecutive years of growth, manufacturing experiencing the longest period of expansion in 50 years and an ambitious plan to tackle the UK’s housing crisis.
To speak to Graham about today’s changes and your business rates liabilities moving forward please contact him on 0113 221 6119 or at firstname.lastname@example.org.