Business rates revaluation postponed

The Ministry of Housing, Communities & Local Government (MHCLG) has announced that the business rates revaluation for England and Wales, which was due to take effect from April 2021, has been postponed. This would have used a valuation date for open market rentals of 1 April 2019 (as opposed to the current 1 April 2015).

It is unclear how long the postponement will last. The MHCLG had been aiming to reduce the revaluation cycle to three-yearly and there was legislation to this effect going through parliament. Given the great difficulty surrounding commercial property valuations at present – especially for the most controversial sector, retail – it is possible that postponement will be for at least a couple of years.