Commercial News

Hammond announces triennial business rates revaluation from 2021

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13th March 2018

Chancellor Philip Hammond says the government will help small businesses by bringing forward the next business rates revaluation to 2021.

In today's Spring Statement, Hammond said that business rates revaluations will then take place every three years, rather than every five years, following the next revaluation.

The Chancellor said this will mean businesses can benefit from the change to three-year revaluations earlier, with the first taking place in 2024.

Hammond also confirmed that the government will allocate a further £80m to be made available to businesses to support them with taking on apprentice workers.

Simon Rothenberg, manager at Blick Rothenberg, commented: "Small businesses are struggling to use funds raised by the apprenticeship levy so the £80 million to help them use the funds are welcomed. The business rate review announced today is also to be welcomed but is 2021 going to be too late?"

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