Business rates revaluation postponed
The Government has announced that a revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of coronavirus.
Legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021, but following the recent economic impacts of the coronavirus pandemic, ministers want to ensure businesses have more certainty during this difficult time.
Craven District Council Leader Richard Foster said: “We welcome this announcement as we know this is a very difficult time for local businesses and we need to concentrate our efforts on giving them all the support they need.
“Our Council staff have been working incredibly hard to pay out Government grants to those businesses who are eligible and they will continue to do so. We are also collecting information about further support needed by local businesses and we will be pressing their case with Government in the coming weeks and months.”
Communities Secretary Rt Hon Robert Jenrick MP said: “We have listened to businesses and their concerns about the timing of the 2021 business rates revaluation and have 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 our unprecedented package of almost £10 billion in business rates relief.
“The government is continuing work on the fundamental review of business rates, with the key aims of reducing the overall burden on businesses, improving the current business rates system, and considering more fundamental changes in the medium-to-long term. The call for evidence for the review will be published in the coming months.”