Business rate revaluations will increase to every three years from the current five years, with the next revaluation brought forward a year to 2021, under new legislation introduced this week.
Chancellor Phillip Hammond first committed to the measures at the Autumn Budget in 2017 and the Spring Statement in 2018.
Local government minister Rishi Sunak MP said: “We’ve listened to businesses asking for more frequent revaluations and are now acting so their bills will more accurately reflect current property values.
“By bringing forward the next revaluation to 2021, we are making sure businesses can benefit from the change as soon as possible.”
Welcoming the legislation, Association of Convenience Stores chief executive James Lowman said: “More frequent revaluations would mean more accurate rates bills.
“There are many more parts of the business rates system that need urgent reform, including disproportionate costs for ATMs and petrol forecourts. The most pressing need is for changes to the way that rates deal with investment. Businesses should be incentivised to invest through the rates system instead of being penalised, especially during the current uncertain business climate.”
The ACS has also called for free to use ATMs to be taken out of the business rates system altogether to help secure access to cash in the long term.