The Government introduced a new bill on Wednesday (29 March) to modernise business rates.
Following feedback from businesses calling for a fairer system, the new non-domestic rating bill will support businesses by incentivising property investment and introducing more frequent valuations.
A new business rates improvement relief will remove barriers for businesses to extend or upgrade their property. Businesses undertaking qualifying building improvements will not face higher rates for a year.
According to Melanie Leech of the British Property Federation, this relief could also support the UK's journey to net zero as businesses work to futureproof older buildings.
Furthermore, valuations will now take place every three years instead of every five years, meaning businesses with falling values could see their bills drop earlier than expected.
The Government says these new measures will make business rates in England fairer and more responsive to changes in the market.
However, Helen Dickinson, chief executive of the British Retail Consortium, urged the Government to take further action to support businesses:
"These are all positive changes, but the job is not done. Government's focus must remain on reducing the rates burden, enabling more local communities across the country to thrive."
Talk to us about your business rates.