Many ratepayers will see only a small change in their rates bill at the revaluation. Central government announced the next revaluation will be April 2023, the rateable values will be based on the valuation date of 1 April 2021 so will reflect the impacts of the coronavirus pandemic on the commercial rental market. However, some properties will see a more significant change – both increases and reductions. Transitional arrangements are used to phase in these changes. The transitional arrangements will support ratepayers by allowing them time to adjust to their new rates bills. Those ratepayers facing increases (who will be in sectors and locations where rateable values have increased more than the average) will see their bill capped each year at a set percentage increase due to the revaluation. Those businesses will be able to plan for their rates future bills.
For more information please go to Transitional Relief at Gov or contact us.