The government introduced a new transitional scheme from 1 April 2023 following the national revaluation of all non-domestic properties.
The Valuation Office Agency (VOA), HMRC, carried out a national Revaluation of all Business Rateable Values (RV) that came into effect from 1 April 2023.
The rateable value is based on rental values so if rents have increased above inflation since the last revaluation, rates will likely go up. If rents have decreased after inflation, rates will likely go down.
The VOA assess rents across a sector. If you think the rateable value is wrong, please contact the VOA.
The amount a bill can go up following revaluation is limited each year under the Government Transitional Scheme.
The limits are based on your rateable value. The maximum transition increase percentage, from the full rates payable using the lower multiplier in 2022 to 2023 based on the rateable value in force at 31 March 2023, to 2023 to 2024, as a result of the revaluation is shown below. In most years an inflation increase is also applied, but the government has not applied any inflation increase for 2023 to 2024.
Maximum business rate transitional increase percentage dependent on the rateable value in 2023 to 2024:
Maximum increase (bill gone up)
For more information see www.gov.uk/apply-for-business-rate-relief/transitional-relief.
If any of the following apply, your bill is calculated using a higher multiplier instead of the small business lower multiplier:
The difference (1.3p) is not subject to the transitional calculation.
If your rateable value is under £15,000 you may be entitled to small business rate relief. Visit www.gov.uk/apply-for-business-rate-relief/small-business-rate-relief for more information.
Increases in your rateable value for any reason, other than due to the revaluation, are not subject to transition.
In certain circumstances, the rateable values used for transition can be different from the actual rateable values in force.
Contact the team directly on 01773 841444 or email nndr@ambervalley.gov.uk
