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Revaluation of business rates postponed until 2017

The Government has postponed next year’s planned revaluation of business rates until 2017, with the stated aim of protecting small businesses against unexpected increases in rates.

Since the economic downturn began, rents in poorer areas have fallen significantly, but in richer areas they have remained high.

However, business rates have remained unchanged throughout this period.

According to Government figures, while around 300,000 businesses would benefit from a revaluation, a further 800,000 would face an increase in costs.

Commenting on the decision, Liz Peace of the British Property Federation said, ‘By postponing, the Government is not allowing the downward adjustment that would otherwise take place for suffering retailers’.

Retail tsar Mary Portas, who last year conducted a review into the UK’s high streets, called the decision ‘a tragedy for the high street’.