Information on the latest business rateable values and how they are set and reviewed.
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Business ratesBusiness premises are given a rateable value by the Valuation Office Agency (VOA). We use this to work out how much you should pay.
The VOA regularly reassesses and updates the rateable values of all business properties, usually every five years. This keeps the system fair as valuations are updated in line with changes in the property market.
From 1 April 2023, the rateable values have been based on the valuation date of 1 April 2021. This was during the Covid-19 pandemic, and the rent information used by the VOA reflects this.
Review your business rates valuation on Gov.UK. You can also get an estimate of your Business Rates bill, including any Small Business Rate relief we may apply.
The Transitional Relief scheme supports businesses that have seen a large rise in their rateable value. The scheme does this by capping the amount by which their bill can increase. The limits on increases for the three-year valuation period of 1 April 2023 to 31 March 2026 are detailed below:
| Rateable Value | 2023/2024 | 2024/2025 | 2025/2026 |
|---|---|---|---|
| Up to £28,000 | 5% | 10% plus inflation | 25% plus inflation |
| £28,001 to £100,000 | 15% | 25% plus inflation | 40% plus inflation |
| Over £100,000 | 30% | 40% plus inflation | 55% plus inflation |
Unlike previous Transitional Relief schemes, businesses that have seen a large reduction in their rateable value will not face any cap. They will benefit from the full reduction immediately. Any transitional relief you are entitled to will be automatically awarded and shown on the front of your bill.