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A聽revaluation聽of business rates聽will聽no聽longer take place聽in 2021聽to help reduce uncertainty for聽firms affected by聽the impacts of聽coronavirus, Communities Secretary聽Rt Hon聽Robert聽Jenrick聽MP聽has聽announced.

Legislation had been introduced to聽bring聽迟丑别听next聽revaluation forward聽by one year聽from聽2022聽to聽2021,聽but聽following聽迟丑别听recent聽economic impacts聽of 迟丑别听coronavirus聽pandemic聽ministers聽want to ensure聽businesses聽have more certainty聽during this difficult time.

Communities Secretary Rt Hon Robert Jenrick MP said:聽

We have listened to聽businesses and their concerns聽about the timing of聽迟丑别听2021聽business rates revaluation and have聽acted to end that uncertainty by postponing the change.

Now is the time for us to continue to focus on supporting businesses affected by the pandemic, including through聽our unprecedented package聽of almost 拢10 billion聽in聽business rates relief.

The government is聽continuing聽work on聽迟丑别听fundamental review of business rates,聽with the key aims of reducing the overall burden on businesses, improving the current business rates system, and considering more fundamental changes聽in the medium-to-long term. The call for evidence for the review will be published in聽迟丑别听coming months.

The postponement comes on top of the government鈥檚 support package for business and workers during the economic emergency including:

• businesses are set to receive a聽discount of almost 拢10 billion聽on their rates bills this financial year in response to coronavirus, after the business rates聽retail discount was increased to 100% from 50% for 2020 to 2021
• over 拢12 billion for local authorities to deliver grants of up to 拢25,000 to eligible businesses.聽As of 3 May, over 拢8.6 billion has been paid out to over 697,000 business properties
• protections for UK high street shops and other companies聽under strain will be protected from aggressive rent collection and asked to pay what they can during the coronavirus pandemic
• 迟丑别听Coronavirus Job Retention Scheme聽where small and large employers will be eligible to apply for a government grant of 80% of workers鈥� salaries up to 拢2,500 a month, backdated to March 1 and available for at least 3 months. The first grants have been paid.
• a deferral of the next quarter of VAT payments for firms, until the end of June - representing a 拢30 billion injection into the economy
• a total of 拢330 billion worth of government backed and guaranteed loans to support businesses

Further information

The Non-Domestic Ratings (List) Bill 2019-20 was introduced to聽bring聽the date of the next revaluation聽forward聽from 2022 to 2021.

The government remains committed to frequent revaluations to ensure that business rates receive bills that more accurately reflect up-to-date property rental values.

A revaluation is the review of the rateable values of all business and other nondomestic property in England at a聽particular point聽in time.

Revaluations are聽done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market.

A property鈥檚 business rates bill is based on a precise estimate of the premises鈥櫬爎ental value.聽Business rate bills are calculated using specific valuation聽methods.聽It is important for rateable values to be regularly updated through revaluations to ensure bills stay accurate.聽With changing circumstances聽as a result of the coronavirus pandemic,聽迟丑别听next revaluation will not go ahead in 2021.