Business rates revaluation 2017
The VOA regularly reassess and update the rateable values of all business properties usually every five years.
This is called a Revaluation and a new list, which will come in on 1 April 2017.
The rateable value of a property is assessed by the Valuation Office Agency (VOA) and is used to calculate how much business rates you pay. Business rates are regularly reassessed and updated to reflect changes in the property market and to attempt to makes sure that the system remains fair to all businesses.
The VOA has undertaken a revaluation which will come into force from April 2017.
What is the rateable value?
The rateable value is assessed by the VOA, which is an agency of HM Revenue and Customs.
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.
- The current list - until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008
- The new list - from 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015
Find and check your business rates valuation
If you are not sure what your rateable value is or if think it is incorrect, you can find and view your property details on the Business premises and business rates section of the GOV.UK site.
What is a revaluation?
The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
How can I find out more?
For more information on the 2017 Revaluation, rateable values, and business rates see the Valuation Office Agency business rates (non-domestic rates) guidance.
You can also estimate your business rates bill, including any small business rate relief that might apply.