Business rates revaluation cycle set to be shortened
0The government has introduced legislation to reduce the cycle of business rate property revaluations from five to three years.
The move was originally announced by chancellor Philip Hammond in his 2018 Spring Statement.
Local Government Minister Rishi Sunak MP told MPs: “We’ve listened to businesses asking for more frequent revaluations and are now acting so their bills will more accurately reflect current property values.
“By bringing forward the next revaluation to 2021, we are making sure businesses can benefit from the change as soon as possible.”
The bill passed its first reading and MPs will get a chance to discuss it at second reading.
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