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A revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of coronavirus, Communities Secretary Rt Hon Robert Jenrick MP has announced.
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.
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.”
This postponement comes after the government announced an unprecedented support package for businesses which included a discount of almost £10bn on their rates bills during this financial year in response to Covid-19.
The Non-Domestic Ratings (List) Bill 2019-20 was introduced to bring the date of the next revaluation forward from 2022 to 2021.
Responding to the news, Sacha Bright, CEO at NextFin said: “A review of retail business rates as a tax is years overdue.
“Over the last 10 years, Amazon and online retailers have killed our highstreets. Government and local authorities have only assisted this process with high business rates and parking restrictions and fines.
“They have taxed and fined their customers out of existence. For me, this review requires creative thinking that extends beyond business rates. A simple solution is no retail business rates, a national review of parking legislation to encourage retail shopping and to replace the tax revenues with an e-commerce delivery tax.”
Author: Sacha Bright & Oliver Murphy
Disclaimer
To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.
Tagged: News Business Rates Covid-19
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