Rates Revaluation Confirmed for 2023

Today the government has announced a delay to the next business rates revaluation.  The planned April 2021 revaluation has been deferred until 1 April 2023.  The new 2023 List rateable values will be based on 1 April 2021 rental valuations.

There will be two immediate impacts.  Firstly, business will continue to pay tax based on the pre Brexit and pre Covid-19 market levels for longer.  Secondly, the 2017 Rate List will now run for 6 years making appeals against the current rateable values are even more important as the liability incurred and the savings generated will relate to a longer period of time.

The government also announced a wide ranging review of business rates.  Anybody with an interest in business rates and its processes should respond to the governments call for evidence at https://www.smartsurvey.co.uk/s/businessratesreview2020/

If you would like to discuss the above or your current business rate issues, please contact Alan Vickery