Business Rates Revaluation Postponed
07 May 2020
Businesses in Paddington will be amongst those welcoming the governments decision to postpone a business rates revaluation.
Legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021, but communities secretary Robert Jenrick said this will no longer take place next year.
Ministers want to ensure companies have more certainty during the virus crisis, which has seen income disappear for a number of retailers and pub owners due to sites having to close during the lockdown.
Companies have long complained that business rates, a tax on commercial properties, are outdated and a huge burden for retailers and restaurant owners already grappling with rising wage bills and weaker consumer confidence. Now they also face disruption from the coronavirus outbreak.
Kate Nicholls, chief executive of UKHospitality, today said: “Delaying is a pragmatic move at such a demanding time for businesses. It is vital that the revaluation occurs afresh after the crisis to reflect the impact of Covid-19 on commercial property costs. Given the length of uncertainty for hospitality, the Government should extend its business rates holiday for the sector through 2021.”