FAQ

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Rateable values broadly represent the yearly rent the property could have been let for on the open market on a particular day. 

This is 1st April 2021 for the current list which came into force on 1 April 2023.

Currently the next Revaluation is set for 1st April 2026 with an effective date of 1st April 2024.

Business rates are calculated by multiplying the rateable value by the appropriate multiplier.  There are two multipliers, standard (for properties with a RV of £51,000 and above, or empty) and small (for those with a RV of £50,999 and below). The government sets the multipliers for each financial year for England.  

• Standard multiplier:   51.2p for 2023-24 (unchanged from 2020-21)
• Small multiplier:           49.9p for 2023-24 (unchanged from 2020-21)

Revaluations make sure businesses pay a fair contribution and take into account changes over time in the value of property relative to others. 

The government has put in place a transitional relief (TR) scheme to phase in any increases in bills. The limits are capped depending on the rateable value

RV                                             2023/24                            2024/25                    2025/26

Under 20,000                            5%                                      10%*                        25%*

20,001 - 100,000                      15%                                     25%*                       40%*

Over 100,000                            30%                                     45%*                        55%*

* plus inflation

 There are a number of reliefs available including;

• Small Business Rates Relief (SBRR) for businesses with only one property and with a Rateable Value under £15,000
• Charity and Community Amateur Sports Club relief (CASC) - Charities and registered CASCs can claim 80% relief where the property they occupy is used mainly for the purposes of the charity or CASC.  
• Rural rates relief  - Certain occupied properties in a rural settlement may be entitled to 100% relief.  
• Unoccupied property relief - Empty properties with a rateable value of £2,899 and below receive 100% relief from empty business rates. Empty properties with a rateable value of £2,900 and over may have an exemption for the first three months. This is extended to six months for certain industrial properties. After this full rates are due.