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.