Valuation Office publishes New Rateable Values for 2023 Revaluation
Valuation Office have now published the New Rateable Values for the 2023 Revaluation – what does it mean for you?
By Evans & Payne LLP 21/11/2022
The 2023 Rates Revaluation is to take effect from 1 April 2023 and on 17th November 2022 the Valuation Office published your new Rateable Values (RV’s). Your new RV is based on commercial property rental values as at 1 st April 2021. This date is in the middle of the Covid 19 pandemic making it one of the most controversial Revaluation Dates in the past 35 years.
The 2023 Rating List is scheduled to last 3 years.
Notable RV changes include:
The Retail sector has shown a national decrease in RV of 10%.
The Industrial sector has shown a national 27% increase in RV.
The Office sector a national increase in RV of 10%.
Following the publication of your new RV’s the Chancellor announced a package of support worth 13.6 billion to support businesses following the 2023 Revaluation which include:
Freezing the Business Rates multiplier at 49.9p and 51.2p respectively in 2023/24.
Extending the Retail, Hospitality and Leisure Relief for another year for 2023/24 and increasing the Relief from 50% to 75% subject to a Business Cap of £110,000.
Removing the condition that Transitional Relief (TR) should be revenue neutral. What does this mean for you?
Downward Transition has been completely removed so you will benefit immediately from any reductions in your Rateable Value.
The Government has pledged to provide a fund of £1.6 billion to support Businesses facing substantial increases.
Harris Makhdumi Director of Rating comments that;
“The extension of Retail Relief for 2023/24 is very welcome but does little to help larger businesses who are propping up the High Street.
The removal of Downward TR is a very welcome introduction, which we have been calling for, and will help struggling businesses as they will benefit immediately from a Lower Rateable
Upward Transition remains with the following caps. This should impact on over 700,000 properties”
We will work closely with our clients and help them understand the impact of these changes to their Businesses.
We have provided a link for you to read the full detailed announcement below.
For further information or to discuss how this impacts you just give us a call or drop us a line.