Business Rates Revaluation and Transitional Relief 2023

Revaluation 2023

The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.   

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 was 1 April 2021. 

We use these rateable values to calculate business rates bills. 

Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information. 

The next revaluation will come into effect on 1 April 2023. 

Contacting the Valuation Office Agency 

We are responsible for anything to do with your business rates bill. The VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value. 

Finding your rateable value 

You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK. 

Your property details need changing 

To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.

Sign in or register for a business rates valuation account

You think your rateable value is too high 

From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.

Sign in or register for a business rates valuation account ready for 1 April 2023.

How Coronavirus (COVID-19) affected future rateable values 

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date. 

For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this. 

Transitional Relief 2023

Transitional relief limits how much your bill can change each year as a result of business rates revaluation. This means changes to your bill are phased in gradually, if you’re eligible.

From the 2023 to 2024 tax year you’ll get transitional relief if your:

  • property is in England
  • rates go up by more than a certain amount

We will adjust your bill automatically if you’re eligible.

How much your bill can change by

How much your bill can change by from one year to the next depends on both:

  • your property’s rateable value
  • whether your bill is increasing or decreasing as a result of revaluation

You stop getting transitional relief when your bill reaches the full amount set by a revaluation.

The business rates year is from 1 April to 31 March the following year.

If your bill is increasing from 1 April 2023

Table showing information about if your bill is increasing from 1 April 2023
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% 25% plus inflation 40% plus inflation
Over £100,000        30% 40% plus inflation 55% plus inflation

Transitional certificates

A transitional certificate value may be used in the business rates calculation for your property instead of the usual rateable value.

If you disagree with the value of the certificate, contact the Valuation Office Agency (VOA).