Economy and Infrastructure

14.03.18

Triennial business rate revaluation brought forward to 2021

The next business rates revaluation has been brought forward to 2021, Philip Hammond has announced.

In his Spring Statement yesterday, the chancellor said that the revaluation would be brought forward by a year, from 2022.

The triennial revaluations, which were announced in the Autumn Budget, will now begin from 2021.

Hammond said that the government is committed to supporting British businesses, and that business rates will be reduced by over £10bn.

He called the government “champions of small businesses and the entrepreneur,” and announced that it will launch a Call for Evidence in order to understand how the UK’s least productive businesses can learn from, and catch up with, the most productive.

Another Call to Evidence will be launched to establish how to eliminate the “continuing scourge of late payments” which he called a “key ask” from small businesses.

He reaffirmed the government’s commitment to delivering three million apprenticeships by 2020, with the support of businesses through the apprenticeship levy, but acknowledged the challenges that the new system poses to some small businesses who may be looking to employ an apprentice.

Education Secretary, Damian Hinds, is to release up to £80m of funding to support those small businesses in engaging an apprentice, Hammond announced.

In addition, he pledged £500m a year for to T-Levels, which Hammond called “the most ambitious post-16 reforms in 70 year.”

From next month, £50m will be available for the rollout of T-Level work placements.

Top imge: PA Wire

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