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 and 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 to help those businesses that lose entitlement to Small Business Rate Relief or Rural Rate Relief as a result of the revaluation of their property.
- A new Transitional Relief scheme to help phase in increases to rateable values as a result of the revaluation. This will be different from previous schemes as reductions in rateable values will no longer be phased in.
- A delay to the implementation of the Improvement Relief, originally 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 like many of the past business rates changes, we will be able to automatically update your bills for the new financial year to 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.
All properties in the Rating List have now been revalued as part of the 2023 revaluation. This sets out what rateable value we will use to calculate your business rates bill from 1 April 2023 and is based on an estimated market rental value of your property on 1 April 2021.
The Valuation Office Agency (VOA) has now published the draft 2023 Rating List. You are able to check what the rateable value of your property will be from April 2023 on the VOA’s website (link is https://www.gov.uk/find-business-rates ). 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, which will be sent out in March 2023.
Visit the Business rates revaluation 2023 page for more information.