The British Independent Retailers Association (Bira) confirmed that it had welcomed yesterday’s Government announcement that there will be no revaluation of business rates in 2021.
The move – following pressure from Bira and Altus Group – will help reduce the uncertainty for firms affected by the impact of Covid-19. Legislation had been introduced to bring the next revaluation forward by one year. However, following the recent economic impacts of the coronavirus pandemic, Ministers said they wanted to ensure businesses have more certainty during this time.
“We are pleased the Government has decided to postpone the revaluation of the business rates Bill,” confirmed Bira’s ceo Andrew Goodacre. “If it had gone ahead as initially planned, it could have been disastrous for the independent retailer at this point.”
The Government said they will continue work on the fundamental review of business rates, with the key aims of reducing the overall burden on businesses, improving the current business rates system, and considering more fundamental changes in the medium-to-long term. The call for evidence for the review will be published in the coming months.
Top: Bira has welcomed the Government’s decision to postpone the revaluation of business rates next year.