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Get your free copy12 May 2020, 09:26 AM
- The decision comes during an uncertain time for businesses
In an effort to help companies that are struggling during lockdown, the UK Government recently announced that the proposed business rate revaluation in England won’t take place next year.
Legislation had previously been introduced in the House of Lords that moved the revaluation forward by a year from 2022 to 2021, however the decision was made to postpone the reevaluation in order to help reduce uncertainty for businesses that have been impacted by Coronavirus.
The postponement comes after calls from businesses that said the revaluation would be “disastrous”, as it would have been based on pre-Coronavirus rates.
It’s not clear when the revaluation will now take place, however it’s likely to resume in 2022 as originally planned. The Government has said it will continue to review the business rate regime with a plan to publish evidence for the review in the coming months.
In its support for local businesses, the UK Government has already pledged £10bn in business rates relief, and has granted one-year business rates holiday to businesses in the hospitality and leisure industries.
However, the industry is still seeking further support, with retailers and landlords warning that businesses are at risk of collapse. The British Retail Consortium and British Property Federation have renewed their appeal for the government to pay some of the rent due during lockdown. The call for help comes at a time when businesses fear they won’t be able to continue employing furloughed staff, and existing bailout loan schemes will leave businesses with unsustainable debts.
