New Rateable Values Published

The government have just published the new Rating List which will come into effect on 1 April 2023.

The last time a Rating List was published was back in 2017 and so the new List has been long awaited by businesses in East Anglia. 

When linked to the Uniform Business Rate (set by central government) a Rateable Value determines the amount of rates businesses have to pay to the local authority each year.  Rateable Value is supposed to represent how much a business property would let for on the market at the valuation date – the current date is April 2015 whereas the new date will be April 2021. 

Glancing at the new Rating List it is clear that many Rateable Values (RVs) are due to increase in April next year.  Industrial and office premises in Bury St Edmunds appear to be seeing uplifts and in Thetford some RVs for industrial premises have risen by almost 100%.  Set against these increases, many retail owners will see their RVs fall; for example, M&S in Bury by over 33%.

This is, however, not the total story. 

In his Autumn Budget on 17 November the Chancellor announced that business rates multipliers would be frozen at current levels for 2023/2024 and a reformed transitional scheme should limit many increases in business rates bills even if RVs have increased. Just as significantly, the transitional scheme as proposed will not restrict reductions in bills owing to the Revaluation.  

Jeremy Hunt also said that there will be a support package for retail, hospitality and leisure businesses worth approaching £2.1bn.

Merrifields urge business owners to check their new Rateable Values at https://www.tax.service.gov.uk/business-rates-find/search.  We can provide advice on submitting appeals against new Rateable Values in due course.