A business rates review usually takes place every five years.
During the review, the Valuation Office Agency (VOA) adjusts the rateable value of business properties. This reflects changes in the property market. As a result of COVID19, the Chancellor announced an earlier review in 2020’s Budget.
The final report of the Government’s review of business rates will not be published until Autumn 2021. This is due to the ongoing and wide-ranging impacts of the pandemic. The Government is keen to wait to publish anything final until they have more clarity on the long-term state of the economy.
In the meantime, an interim report, which will include a summary of consultation responses, will be published on 23 March 2021.
At the upcoming Budget, the Chancellor will outline the next stages to support businesses and families across the UK. We will share more detail on this very soon – follow us on LinkedIn or Facebook to be the first to hear about any updates.