Autumn Statement: Revaluation of business properties to go ahead from April 2023

Chancellor Jeremy Hunt confirmed that the revaluation of business properties will go ahead from April 2023.

During the Autumn Statement, Hunt said business rates would more closely match the rental values of properties and that he would ”soften the blow on businesses” with a nearly £14bn tax cut over the next five years. This would include a new government-funded transitional release scheme, benefiting around 700,000 businesses.

AGO Hotels co-founder Lionel Benjamin said the move would provide little comfort for businesses facing imminent closure. He suggested that the entire business rates system needes to evolve and a permanent restructuring was essential.

READ THE FULL ARTICLE HERE: Autumn Statement: Revaluation of business properties to go ahead from April 2023