Spring Statement 2018 – Business Rates

The Chancellor announced in the Spring Statement 2018 that the next revaluation of property in the Rating List will be brought forward to 1^st April 2021 (2021 Rating List).

Although we do not currently have details of this process we assume that the antecedent valuation date (AVD) will be the 1^st April 2019.  Open market rental and other relevant evidence in particular at or around the 1^st April 2019 will be important and this information should be retained for the 2021 Rating Revaluation.

In line with the Autumn Budget 2018 property in the Rating List will be revalued every three years following the 2021 Revaluation which. The first three year revaluation will be effective from 1^st April 2024 (2024 Rating List).

Finally, the Valuation Office Agency (VOA) may alter an assessment in the 2010 Rating List effective from the 1^st April 2015 onwards at any time up to 1^st April 2018.

Bullet point information

• Next revaluation 1^st April 2021
• AVD for 2021 Rating List 1^st April 2019 (TBC)
• Alteration to 2010 Rating List assessment by VOA up to 1^st April 2018

Please feel free to contact us on 01277 233100 or 07957 544007 to discuss any Business Rate issue.