Spring Statement Signals Changes for Business Rates Revaluation

Business Rates

In an unexpected move, the Chancellor announced in the Spring Statement the government’s intention to reduce the time between revaluation periods.

This includes bringing forward the end of the 2017 list a year to 2021, with subsequent revaluations carried out every 3 years.

After the 2010 list caused massive problems for occupiers tied into values based on pre-recession lettings for 7 years, this is an encouraging step towards creating a fairer system. As revaluation periods shorten, Rateable Values should more accurately represent what is happening in the market, while also likely removing the need for a transitional relief system.