Business rates revaluation 2023

These future rateable values will take effect from 1 April 2023.

Property owners can check the factual information used for their valuation and tell the VOA if anything is wrong.

The rateable value for a property is not what someone pays in business rates or rent. The local council uses the rateable value to calculate business rate bills.

A rise in the rateable value does not necessarily mean a business rate bill will go up by a similar amount.

Each local council will calculate bills by multiplying the rateable value by the multiplier set by the government. It will then apply any rate reliefs for which people are eligible. Small-business rate relief means that some businesses will not pay any business rates at all.

Charitable relief means that registered charities will only pay 20 per cent of their business rate bill. Many charities will not pay any business rates at all.

The government has announced a package of rate relief for businesses as part of the autumn statement 2022.

The government also confirmed its commitment to reform the business rate system by delivering more frequent business rate revaluations.

If a property is in England, it is advised to get an estimate of what a business rate bill may be from 1 April 2023 through the Find a Business Rates Valuation Service on GOV.UK: https://www.gov.uk/find-business-rates

You can also:

• Check the factual details we hold for your property
• Compare your property’s rateable value with similar properties in the area
• Check how your valuation was calculated.

If a property is in Wales, it is now possible to see the future rateable value for a property and get an estimate of what the business rate bill may be from 1 April 2023 through our Find a Business Rates Valuation Service on GOV.UK.

This estimate is based on Wales’ 2022–23 multiplier and small-business rate relief. The multiplier will be updated for 2023–24 before business rate bills are sent out by your local council and may result in a change to the estimate shown.

The future rateable value will be used to calculate the business rate bill from 1 April 2023.

A revaluation makes sure rateable values reflect changes in the property market. This revaluation will reflect the changes in value that have occurred since the last revaluation six years ago. This includes the impact of the COVID-19 pandemic.

Revaluations maintain fairness in the system. They help redistribute the total amount payable in business rates. They are not carried out to generate extra revenue.