Business Rates Revaluation 2023
All non-domestic properties are generally revalued every five years by the Valuation Office Agency (VOA). However, the next revaluation will take place on 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 to redistribute the total amount payable in business rates. They are not carried out to generate extra revenue.
The VOA have now released a draft list of the Rating List which shows all proposed Rateable Values effective from 1 April 2023. The draft list can be viewed by visiting: https://www.tax.service.gov.uk/business-rates-find/search.
What is the Rateable Value?
The Rateable Value of a property is determined by the Valuation Office Agency, a part of HM Revenue and Customs. It represents the estimated annual rent that the property would command if it were to be rented out on the open market at a specific valuation date.
- until 31 March 2023, the Rateable Values will be based on a valuation date of 1 April 2015
- from April 2023, the Rateable Value is based on the valuation date of 1 April 2021
How do I appeal against my Rateable Value?
You can only make a formal appeal against your 2023 Rateable Value once it comes into effect on 1 April 2023. You can find out more about the appeals process. This includes the reforms the Government has proposed, at GOV.UK - Check and challenge your business rates valuation: step by step.
Your Rateable Value may change if any physical changes are made to your property, for example, building or demolishing an extension. The council has a duty to notify the Valuation Office Agency of any newly built, extended, demolished or otherwise altered non-domestic properties that come to our attention. You should notify the Business Rates team of any changes as soon as they happen.
You may appeal against the Rateable Value of your property if you think it is incorrect. This might be due to a material change in the property's circumstances, for example:
- a change in its physical state or use
- a physical change in the locality
- a change in the use of a neighbouring property
An appeal to the Valuation Office Agency against a Rateable Value begins with a proposal to alter the Rating List. Before making an appeal, you can contact the Valuation Office Agency to discuss your Rateable Value and why you want to appeal against it. They may be able to resolve things without you needing to follow the formal procedure.
There are limits on the backdating of appeals. For more information about appeals, or to view the current Rating List, please go the Valuation Office Agency website at GOV.UK - Valuation Office Agency here.
You should continue making payments on your current bill even if you have an ongoing appeal against your rateable value. Magistrates' Courts do not accept the appeal as a valid reason to withhold payment. If your appeal is successful, any overpaid rates will be refunded, and you will receive a revised bill accordingly.