Business Rates Revaluation POSTPONED  

Alex Probyn, UK President of Expert Services at Altus Group, who’s firm led the call, said he was delighted that the Government has listened to the concerns of business saying “This is great news – a Revaluation next year, based upon open market rents in April 2019, a year before the pandemic, would have been so painful for UK Businesses in the wake of such hardship, if the new tax demands were assessed from pre-Covid levels.

“It is far more beneficial economically to tie new Rateable Values under the next Revaluation cycle to post Covid-19 levels, where the impact of the economic circumstances are more clear, and when businesses will have had longer to recover.”

Altus Group says that 354,670 premises including supermarkets, shops, pubs and restaurants are among those who have now benefited from the business rates ‘holiday’ which started on 1st April for the 2020/21 tax year worth an average of £28,367 per property costing the Exchequer £10.06 billion.

https://www.gov.uk/government/news/business-rates-revaluation-postponed