The Non-Domestic Rating Bill, which has been informed by the business rates review that ran from July 2020 to October 202, will introduce more frequent valuations, to take place every three years instead of the current five.
It will also provide new business rates improvement relief, so businesses making qualifying building improvements will not face higher business rates bills for 12 months.
The Government says the measures being put forward ‘review and reform business rates in England, making them fairer and more responsive to changes in the market’.
Local Government Minister, Lee Rowley MP said: “The introduction of our Non-Domestic Rating Bill seeks to deliver the reforms announced during our business rates review.
“We are bringing the administration of the tax up to date, and making the system more responsive to changes in the economy and introducing new support to reduce barriers to business investment.
“This is another step in the right direction for making sure the UK continues levelling up and supports businesses to grow and flourish.”
Hospitality has long been calling for the Government to overhaul business rates.
Prior to the Chancellor’s Budget earlier this month, an open letter signed by 155 hospitality leaders called for reform of what they brandished an ‘outdated’ business rates system.
The Non-Domestic Rating Bill was introduced yesterday (29 March) in parliament and will be debated in due course.