The Government’s promise of a revaluation for England & Wales* in 2021 – a year earlier than originally planned – was welcomed as a step in the right direction towards more frequent revaluations.
This move requires primary legislation, which was at that time making its progress through Parliament.
However, the prorogation of Parliament has put this under threat. While the original Bill was nearing Royal Assent, the suspension of Parliament means it has now been abandoned, and given the current political uncertainty it is difficult to say when it will be picked up again.
One thing is certain: without new legislation, the next revaluation will slip to 2022. This would obviously be hugely frustrating, not only because the ‘step in the right direction’ would be reversed, but also for those ratepayers anticipating falls in their liabilities from any future revaluation. If it does slip, they will have to wait another 12 months to make their savings.
As with so much at the moment, this situation is very much in a state of flux. There is still the possibility that the legislation will be introduced and passed in time for a 2021 revaluation, but this is dependent on the Government’s programme when a new Parliament sits, not to mention the impact of an anticipated General Election.
As ever, we will continue to monitor progress and maintain dialogue with the relevant Government and civil service officials, keeping you updated as appropriate.
If you want to discuss how the latest news impacts on your company’s preparations for the 2021 revaluation, please do not hesitate to get in touch.
*nb: this does not impact on the next revaluation in Scotland, which remains scheduled for 1st April 2022.