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.

The 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.

John 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.