Business rates revaluation 2023

Revaluation is a review of the rateable values of all non-domestic properties in England and Wales carried out by the Valuation Office Agency (VOA). This normally happens every 3 years.

Rateable value

To calculate the rateable value, the VOA analyses the rental property market to ensure that rateable values reflect the property market accurately. A property’s rateable value is an assessment of the annual rent the property would rent for, if it were available on the open market at a fixed valuation date.

From 1 April 2023, the rateable values are based on the valuation date of 1 April 2021.

Revaluation

At revaluation, the VOA reassess and update the rateable values of all business properties.

This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.

Find your new rateable values for 1 April 2023 and get an estimate of what your business rates bill might be (from 1 April 2023) using the find a business rates valuation service on GOV.UK.

Report property changes

If a property has changed, for example its floor sizes are different, then you can let the VOA know now using a business rates valuation account on GOV.UK.

Challenge your property’s rateable value

If you believe your future rateable value is too high, you can get in touch with the VOA using a business rates valuation account on GOV.UK. 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. If you do overpay, you can request a refund.

Government autumn statement 2022

The government announced a number of steps to help ratepayers when the revaluation comes into effect on 1 April 2023. We will put further information about how this affects businesses on our website, once further details are received.

The main steps to provide assistance to businesses are:

  • to support high street properties the government is extending and increasing the Retail, Hospitality and Leisure relief scheme from 50% to 75% for 2023-24, up to £110,000 per business. This surpasses the ask of the main business representative bodies
  • freezing the business rates multiplier will keep the small business multiplier and standard multiplier at 49.9p and 51.2p respectively, rather than rising to 52.9p and 54.2p
  • reforming Transitional Relief. For businesses seeing lower bills as a result of the revaluation, the government will make sure they benefit from that decrease in full straight away, by abolishing downwards transitional reliefs caps. The government also announced a £1.6 billion scheme to cap bill increases for businesses who will see higher bills as a result of the revaluation
  • protection for small businesses who lose eligibility for Small Business Rate Relief due to new property valuations, through a more generous Supporting Small Business scheme worth over £500 million

Find more information about support for business and employees.