Business Rates Revaluation – 2023 Rating List

Following the Autumn Statement on the 17^th November 2022, clarification on the principle issues for the 2023 Rating Revaluation, the 2023 Rating List, which comes into effect from the 1^st April 2023, have been made

• The List will run from the 1^st April 2023 to the 31^st March 2026; three years

• The antecedent valuation date (AVD), the date at which notional rental and other valuation information is to be assessed is the 1^st April 2021

• UBR (uniformed business rate), the multiplier applied to the rateable value to calculate the rate liability, will be frozen for 2023/24 at 49.9p in the £ for small properties and 51.2 p in the £ for all other properties

• Downward transition, the limitation to moving directly to a lower rate payment, is abolished.

• Retail, Leisure and Hospitality property will enjoy a 75% relief in rates payable 2023/24, subject to a maximum saving of £110,000 per business.  Qualifying occupation applies.

• Small Business Rate Relief (SBRR)

• The parameter of qualification remains as for the 2017 Rating List; 100% relief at RV £12,000 or below falling in a straight line to nil relief at RV £15,000 or greater
  • Where a rate payer qualified for SBRR in the 2017 Rating List, a cap on the increase will apply at £50.00 per month (£600.00 per annum)

• An appeal against a 2023 Rating List assessment may be made from the 1^st April 2023.  It may be possible to appeal a 2023 Rating List assessment prior to the 1^st April 2023, based upon correcting factual matters only.

The last day to appeal an assessment in the 2017 Rating List is the 31^st March 2023 although in practice this should be made as soon as possible in order to avoid appeal overload.  

All information believed to be correct at date of posting – 8^th January 2023