The Chancellor announced in his Spring Statement that the next rating revaluation in England will come into effect on 1st April 2021, based on a valuation date of 1st April 2019. After that, revaluations will take place every three years starting in 2024. These revaluations will be carried out by the Valuation Office Agency. For the time being at least, both self-assessment and formula based revaluations have been ruled out.
At the Budget 2016 it was announced that the local authority business rates systems would be linked to HMRC digital tax accounts by 2022 however, the government will delay implementation of this until after 2024 to prioritise the delivery of the next revaluation one year earlier than planned and the move to three-year revaluations. The government will aim to implement this new business rates digital system at the earliest opportunity after the start of the three-year revaluation cycle from 2024.
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Contact for further information:
Baker Davidson Thomas
Telephone: 01256 840 777
13th March 2018