2023 Revaluation - important changes to your bill
Updated 18 November 2022
New rating list
The rateable values of all non-domestic properties in England have been reviewed by the Valuation Office Agency (a division of HM Revenues and Customs) and will be changing on 1 April 2023. You can find out how the rateable value of your property is going to change by searching on the Valuation Office website (opens new window).
As a general guide, rateable values from 1 April 2017 to 31 March 2023 are based on 2015 market rental values. From 1 April 2023 onwards the rateable values will be based on 2021 market rental values
Frequently asked questions are available to view:
Business Rates 2023 revaluation (England) - frequently asked questions (Word doc) [35KB]
An excel document of the draft 2023 rating list as at 17 November 2022 for the Chichester district is available to view. Please note this may be subject to change as the Valuation Office updates and reviews its records.
2023 Rating List as at 17 November 2022 (draft) (Excel doc) [426KB]
If you think your rateable value is incorrect you will need to contact the Valuation Office Agency.
Business Rates - check and challenge your rateable value (opens new window)
Please note you can only make a formal appeal against your 2023 rateable value once it comes in effect on 1 April 2023.
Autumn statement 17 November 2022
In the Autumn statement, the Government made several announcements (opens new window) in respect to non-domestic rates for 2023/24 onwards.
The multiplier
The multipliers for 2023/24 will remain unchanged from 2022/23 at 0.499 and 0.512.
The lower multiplier is used where:
- the rateable value is £50,999 or lower, and
- the property is occupied, and
- the ratepayer is not in receipt of a mandatory relief (e.g. charity or rural)
The higher multiplier is used where:
- the rateable value is £51,000 and over, or
- the property is empty, or
- the ratepayer is in receipt of a mandatory relief (e.g. charity or rural)
Retail rate relief
Businesses open to the public and wholly or mainly used for retail, leisure or hospitality industries are eligible to retail rate relief.
For 2023/24 the award will increase from 50% to 75% up to a maximum award of £110,000 per business (across all properties, not per property).
Transitional relief
A transitional relief scheme will be introduced in April 2023 to lessen the impact of any rates increases and will run for three years:
Rateable Value | 2023/24 | 2024/25 | 2025/26 | |
|---|---|---|---|---|
Small | RV up to £20,000 | 5% | 10% | 25% |
Medium | RV £20,001 to £100,000 | 15% | 25% | 40% |
Large | RV over £100,000 | 30% | 40% | 55% |
These caps will be applied before other reliefs, for example, supplements, and, in years two and three, inflation.
Properties that have had a rateable value reduction will benefit from the reduction straight away, rather than having the reduction phased in gradually.
Supporting Small Business (SSB) relief
The supporting small business (ssb) scheme will protect small businesses that, due to the 2023 revaluation, lose their eligibility for small business rate relief or rural rate relief. The scheme will run for three years and cap bill increases at £50 per month (£600 per year).
Self-catering holiday properties
There will be important changes to how self-catering holiday properties are assessed for non-domestic rates from 1 April 2023.
Under current regulations a property must be made available for short-term holiday bookings for a minimum of 140 days a year. There is no minimum requirement for actual bookings.
From 1 April 2023 the eligibility criteria in England will be:
- The property must be let commercially (with a view to making a profit) for short periods. These short periods must total 140 days or more in the previous and current years.
- The property must have been let commercially for 70 days or more in the previous 12 months.
The Valuation Office Agency will be contacting owners to let them know about the new eligibility rules. After 1 April 2023 they will contact owners by writing to their billing address to confirm their eligibility.
These changes will apply for all holiday lets, both new and pre-existing.
New holiday lets will be liable for council tax until the property meets the eligibility rules.
For full details please visit changes to self-catering properties from April 2023 (opens new window).
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