Valuations
Rateable value
The Valuation Office Agency www.voa.gov.uk gives a rateable value to each non-domestic property.
A property’s rateable value represents the rent the property could have been let for at the antecedent date. This is the date used for valuation purposes for the lifetime of the list. The antecedent date for the 2017 valuation list was 1st April 2015. The antecedent date for the 2023 valuation list is 1st April 2021. The rateable value is not the amount you pay, but it is used by local councils to calculate your business rates bill.
You can find your current and future rateable values at this link: https://www.tax.service.gov.uk/business-rates-find/search
From 2023, Government has announced that revaluations will take place every 3 years.
Why are revaluations required?
Revaluations are not intended to increase the total business rates collected. The rateable values are adjusted so that rates remain linked to the value of the property being taxed. Over time some properties will rise in value and some will fall. Revaluations are used to take account of those changes.
Revaluation of non-domestic rates is a regular event; previous revaluations have been introduced in 1990, 1995, 2000, 2005.2010, and 2017.