Businesses will pay “grossly outdated” commercial rate bills until 2023 based on pre-coronavirus property valuations, after the government postponed a reassessment of the commercial premises tax.
Experts said the Treasury risked sentencing companies struggling with the fallout from the pandemic to paying bills “unrelated to economic realities” because it pushed back a revaluation of the real estate values that underpin the bills.
The government launched a “call for evidence” on its promise to review corporate tariffs, which was a response to long-standing complaints that the system was flawed.
The government said the delay “would reduce uncertainty for business.”
However, Jerry Schurder, Head of Commercial Rates at Real Estate Advisors Gerald Eve, said: “This announcement does indeed give businesses certainty –