The government has committed to introduce more frequent business rates revaluations and has brought forward the date of the next Revaluation from 2022 to 2021.
Thereafter the government intends to have 3 yearly revaluations rather than continue with a 5-yearly pattern (which had been varied for the 2010 and current 2017 Rating Revaluation. Reducing the period between Revaluations is a step taken to ensure rating assessments are more aligned with variations in the property market.
A ‘Revaluation’ is the review of the rateable values (RV) of all business and other non-domestic property at a particular point in time – the valuation date is presently set 2 years ahead of the Rating Revaluation (primarily to enable the Valuation Office Agency/Scottish Assessors to establish rental evidence).
- The new 2021 Rateable Values will be based on the assumed open-market rental value of the property as at a valuation date of 1 April 2019.
- The government has also announced that the Draft 2021 Rating List will be published on 31 December 2020.
- The 2021 Rating List goes live on 1 April 2021.
If you haven’t (re)appointed a professional advisor for the 2021 Rating Revaluation and want to gain a specialist insight on the likely financial impact of this property tax on your business space, please feel free to contact:
James Knott, Partner
020 77183 8159