Find out about the rateable values for business properties.
Your premises are given a rateable value by the Valuation Office Agency (VOA) which we use to calculate how much you should pay.
At revaluation, the VOA adjusts the rateable value of business properties to reflect changes in the property market.
The most recent revaluation came into effect in England and Wales on 1 April 2017, based on rateable values from 1 April 2015.
The next revaluation will come into effect on 1 April 2023. Values will be based on the valuation date of 1 April 2021.
Future revaluations will take place on a 3 year valuation cycle with the next Valuation List due to start on 1 April 2026.
What revaluation is
The VOA regularly reassess and update the rateable values of all business assessments. In future a revaluation will be done every 3 years, starting from 1 April 2023.
This helps maintain fairness in the rating system by redistributing the total amount payable in business rates, reflecting changes in the property market.
The VOA have been contacting businesses in England and Wales to request rental information to support the next revaluation.
What a rateable value is
The rateable value is an assessment of the annual rent a property would get if it were let on the open market on a fixed valuation date.
The VOA is responsible for setting a property's rateable value.
From 1 April 2023, rateable values will be based on the valuation date of 1 April 2021.
If you think your properties rateable value is incorrect, you can find and view your property details on GOV.UK.
Appeal your rateable value
If you think your future rateable value starting from 1 April 2023 is too high, you can check and challenge your business rates valuation.
But you can only do this after 1 April 2023, which is when the future valuation legally takes effect and can be challenged.
You must continue to make payments of your business rates as normal in the meantime. If you do overpay, we will refund you.
Any appeal of the current 2017 Rating List begins with a proposal to alter the rating list.
Before making an appeal, you can contact the VOA to discuss your rateable value and why you wish to appeal it. They may be able to resolve your query by initially contacting them.
To contact the VOA:
- fill in the contact form
- call 0300 050 1501
Transitional relief, if applicable, limits how much your business rates bill can increase or decrease each year as a result of a revaluation, so that changes to your bill are phased in gradually.
How much your bill can change by from one year to the next depends on both:
- your property's rateable value
- if your bill is increasing or decreasing as a result of a revaluation
From the 1 April 2023 Transitional Relief will only apply where there's an increase in a rateable value.
If the rateable value is decreasing, the business will benefit from the full reduction straightaway from 1 April 2023.
The Transitional Relief cap increases each year depending on the rateable value band applicable. This cap is applied before any other reliefs and exemptions.
If your bill is increasing from 1 April 2023 Transitional relief will be calculated as follows:
|Rateable value||2023 to 2024||2024 to 2025||2025 to 2026|
|Up to £20,000 (£28,000 in London)||5%||10% plus inflation||25% plus inflation|
|£20,001 (£28,001 in London) to £100,000||15%||15% plus inflation||40% plus inflation|
|Over £100,000||30%||30% plus inflation||55% plus inflation|