Business rates are a tax on non-domestic properties. The rate an owner pays depends on the property’s “rateable value” which is determined by the Valuation Office Agency. The rateable value is based on the value of the property and this is why we need revaluation – so that the values reflect the current property market.
Currently, revaluation of rates takes place roughly every 5 years and the most recent revaluation came into effect in April 2017.
So has there been any progress in delivering this policy? In the Spring Statement 2018, Chancellor of the Exchequer, Philip Hammond, announced that the next revaluation of business rates will be moved forward to 2021 from 2022. After this, revaluations are to take place every three years.
With this announcement we can safely say this policy is ‘in progress’. If the next revaluation does take place in 2021 we will then mark this as ‘done’. Follow this policy for updates.
Want to know more?
- Business rates – Gov.uk
- Reviewing and reforming business rates – Parliament.uk (PDF)
- Spring Statement 2018: what you need to know – Gov.uk