Business Rates Update

All business rates properties are to be revalued with effect from 1 April 2023. You can find the current valuation, and the valuation that will apply from 1 April 2023 at https://www.gov.uk/find-business-rates

In the Chancellors Budget Statement on 17 November 2022 the following measures were announced to protect business from substantial rate rises following revaluation:-

• Freezing the business rates multiplier for another year to protect businesses from rising inflation
• An extended and increased relief for retail, hospitality and leisure businesses from 50% to 75% from 1 April 2023
• Reforming Transitional Relief so for businesses seeing lower bills as a result of the revaluation, this will make sure they benefit from that decrease in full straight away, by abolishing downwards transitional reliefs caps.
• Businesses facing an increase in their bills as a result of revaluation will have those increases capped at 5% for businesses with a rateable value of £20k or less rising to a cap if a 30% increase for businesses with a rateable value of £100k or greater.
• Protection for small businesses who lose eligibility for either Small Business or Rural Rate Relief due to new property valuations through a more generous Supporting Small Business scheme.

This package of measures is expected to limit increases in rates bills to 1% overall although the actual impact will be different for individual businesses.

Full details of the schemes are yet to be released. Details will be published on our web pages as they become available.