The next revaluation
was due to take effect on 1 April 2022, based on pre-Covid-19 property values
as of the 1 April 2019.
government announced a postponement of the next revaluation of non-domestic
property until 1 April 2023, so the impact of Covid-19 is better reflected. It
will now instead be based on property values as of 1 April 2021.
Webber, head of business rates at Colliers International, said: “Values in the
rating list should be reduced because of the effect of Covid-19, as well as
thousands of Material Change of Circumstances appeals – these cases urgently
need the government’s attention. The lasting effects of Covid-19 will lead to a
significant reduction in rental values at 1st April 2021 date,
and the government may take a reduction in annual tax of £26 billion. Finally,
a properly resourced valuation office agency could still carry out a
revaluation in 12 months. This would be better than a delayed list and rate
bills will still be calculated using the 2017 list and 2015 values. A longer
list is in nobody’s interest.