The next Business Rates revaluation, scheduled to take place on 1 April 2023. We asked David Wagstaffe, Head of Business Rates Consultancy, his thoughts on the plans to update rateable values and align Business Rates liabilities alongside other changes in the rental market.
The revaluation of properties for Business Rates in England and Wales will be based on the rental market as of 1 April 2021. In Scotland, the valuation will be based on 1 April 2022 commercial rental values. It is widely anticipated that there will be significant increase (especially in the South East) and that the Government may introduce transitional arrangements to help businesses adjust to their new rates bills.
Anticipated increases in England and Wales
| Location |
Anticipated % change |
| National average increase | 35 |
| South East | 64 |
| London | 63 |
| East of England | 44 |
| Wales | 44 |
| North West | 41 |
| Midlands | 36 |
| North East | 26 |
NB It is anticipated that there will be large variations between different property types, etc.
There will be implications for businesses but between now and 1 April 2023 owners still have an opportunity to review current Business Rates liabilities. They can appeal if the Valuation Office's records are incomplete or incorrect and reductions can be backdated to 1 April 2017. Confirmation of what the 2023 Business Rates revaluations will comprise of is still unconfirmed. It is anticipated that ratepayers will be responsible for confirming that property data relating to their properties, held by the Valuation Office (VO), is correct as they could be fined for any misleading or incorrect data submitted to the VO.
For the annual audit, ratepayers will also be responsible for confirming that the VO is notified of any alterations undertaken to a property as it is the responsibility of the ratepayer to ensure that the VO database is correct.
We are urging people to speak to our team of experienced Business Rates Advisors can help mitigate business Rates liabilities, ahead of the April 2023 revaluation as well as offer advice on several Business Rates reliefs and exemptions which could be claimed, as well as refunds (such as 'Disturbance Refunds' - if a property and its occupants are affected by a nearby development). Advice is also available on developing a strategic approach to Transitional Relief (phasing) as well as supporting the preparation and submission of correct property data to the VO, to ensure the efficacy of its records and minimise the likelihood of any liabilities or fines.
Click here to find out more about our business rates advice service.
