Government proposals for “fairer and more streamlined” business rates in England have been unveiled.
Under new plans, business rates will be revaluated every three years instead of every five.
The consultation, which is part of the Fundamental Review of Business Rates, launched in July 2020 and found more frequent revaluations to be a priority for respondents.
The review is set to conclude later this year in Autumn.
The revaluation process was intended to start this year based off of property values from 2019 but has since been moved back as a response to the Covid-19 pandemic.
“As our economy is recovering, we are supporting businesses to build back better,” the Treasury financial secretary Jesse Norman said.
“Proposals set out in this consultation would mean that valuations more quickly reflect how the economy is performing, making the business rates system more accurate and responsive, while balancing the burden for ratepayers.”
The next revaluation has been scheduled for 2023 based on 2021 business rates.