Britain to proceed with 2023 revaluation of business properties

Britain will proceed with a revaluation of business properties from April 2023 to calculate new levels of property tax, but provide temporary support to limit the impact of surging inflation, finance minister Jeremy Hunt said on Thursday.

Hunt said he would soften the blow on businesses with a 13.6 billion pound ($16.1 billion) support package over the next five years, he told parliament during the presentation of his autumn statement.

"Nearly two thirds of properties will not pay a penny more next year and thousands of pubs, restaurants and small high street shops will benefit," he said.

Hunt added that a new government funded Transitional Relief scheme would benefit around 700,000 businesses.

Overall, business rates would rise by less than 1%, compared with more than 20% without a change in policy, the finance ministry said.