A revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of Covid-19, Communities Secretary, Robert Jenrick, has confirmed.
Legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021, but following the recent economic impacts of coronavirus, the Ministry of Housing, Communities and Local Government announced that it wants to ensure businesses have more certainty during the pandemic.
The Government suggested it is continuing to work on the fundamental review of business rates, with the key aims of reducing the overall burden on businesses, improving the current business rates system, and considering more fundamental changes in the “medium-to-long term”. The call for evidence for the review is expected to be published in the coming months.
Businesses are set to receive a discount of almost £10bn on their rates bills this financial year in response to coronavirus, after the business rates retail discount was increased to 100% from 50% for 2020 to 2021.
Communities Secretary, Robert Jenrick, said: “We have listened to businesses and their concerns about the timing of the 2021 business rates revaluation and have acted to end that uncertainty by postponing the change.
“Now is the time for us to continue to focus on supporting businesses affected by the pandemic, including through our unprecedented package of almost £10bn in business rates relief.”
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