The Government has announced that business rates payers in England will have bills that more accurately reflect current property values under new legislation introduced by Ministers last week.
Property revaluations will increase their frequency to every 3 years, from the current 5 years, and the next revaluation will be brought forward a year from 2022 to 2021.
Business rates revaluations are in place to ensure that the estimate of a premise’s rental value accurately reflects the market value of the property. According to Government, these revaluations maintain fairness by redistributing the total amount payable across the country.
These changes have been put in place following commitments made by the Chancellor at the Autumn Budget in 2017 and the Spring Statement in 2018.