Business Rates Overhaul Sparks Relief for UK Firms
A brand-new bill dropped today to shake up business rates in England. It aims to help firms invest by making property taxes fairer and more up-to-date.
More Frequent Valuations Cut Costs for Struggling Businesses
The Non-Domestic Rating Bill slashes the wait for property revaluations from five years to just three. That means businesses suffering falling property values could see their bills shrink much sooner.
Plus, there’s fresh business rates improvement relief. Companies upgrading or extending their properties won’t face higher taxes for a whole year, giving them breathing space to invest and grow.
Top Ministers and Industry Chiefs Back The Changes
Local Government Minister Lee Rowley MP: “We’re modernising the tax, making it responsive to economic shifts, and cutting barriers for business investments. This is a step towards levelling up across the UK.”
Financial Secretary Victoria Atkins: “The government is on businesses’ side. Along with £13.6 billion in recent support, these reforms balance the scales between online and high street retailers.”
British Property Federation CEO Melanie Leech: “More frequent revaluations ensure rates reflect current markets. The improvement relief boosts property owners upgrading buildings for net-zero goals.”
British Retail Consortium CEO Helen Dickinson OBE: “Three-yearly revaluations and clearer appeals are welcomed. The improvement relief will spur retail investment – but the focus must remain on lowering the overall rates burden.”
Next Steps for the Business Rates Bill
This bill follows a wide-ranging Business Rates Review from 2020-2021. Responses from that consultation are available here.
The Bill has now been introduced to Parliament and awaits further debate.
