In the 2022 autumn statement, the Chancellor announced a series of changes to business rates from 1 April 2023. This includes -
- the business rates multipliers will be frozen at 49.9p for occupied properties with a rateable value of less than 51,000. It will be 51.2p for all other properties
- an increase in the amount of retail discount payable from 50% to 75% for qualifying businesses. This is subject to a cap of £110,000 total relief per business
- a new Supporting Small Business Scheme. It is to help those businesses that lose entitlement to Small Business Rate Relief or Rural Rate Relief. This is as a result of the revaluation of their property
- a new Transitional Relief Scheme. It is to help phase in increases to rateable values because of the revaluation. This will be different from previous schemes. Reductions in rateable values will no longer be phased in
- a delay to the implementation of the Improvement Relief. It was to begin in April 2023. This will now begin in April 2024 and will last until 2028, when the measure will be reviewed by the government
It is expected that we will be able to automatically update your bills for the new financial year. This is like many of the past business rates changes. They will show the relief your business is entitled to. New year bills will be issued in March 2023. We will update this page as soon as we have more detailed information about these schemes.
Re-Evaluation 2023
The Valuation Office Agency regularly updates the rateable values of all business in England and Wales. Non-domestic properties homes are included in this. They are carried out to reflect changes in the property market. This means that business rates bills are based on more up to date information.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date is 1 April 2021.
We use these rateable values to calculate business rates bills.
The Valuation Office Agency has now published the draft 2023 Rating List. You can check what the rateable value of your property is from April 2023 on the Valuation Office Agency website. You can use this value to estimate what your business rates bill from 1 April 2023 will be. Your new rateable value will automatically be used to calculate your new business rates bill. That was sent out in March 2023.
To view the Draft List from the 1 April 2023, contact our Information Governance Team. You can also visit the Freedom of Information request page.
If you need any more information, you can telephone the Valuation Office on 03000 501 501.