Well ahead of the deadline for publication (31 December 2022) and timed to neatly coincide with the Chancellor’s Autumn Statement, the Valuation Office Agency have now published the Rateable Values from 1 April 2023.
In his statement the Chancellor acknowledged that the important principal of Business Rates to accurately reflect market valuations, and the Government has confirmed it will be proceeding with the revaluation from 1 April 2023.
In the statement he pledged that there will be £14 billion in tax cuts over the next 5 years, with nearly two thirds of property’s not paying a penny more next year. Thousands of pubs, restaurants and small high street shops will benefit. This includes a new government funded transitional relief scheme as requested by the CBI and FSB, and will benefit 700,000 businesses.
We are still working to bring the Draft List into our Business Rates Calculator, but in the meantime you can call one of our specialists to discuss how the new rateable values affect you.