Revaluation and Transitional Relief
Contents
Revaluation
The Valuation Office Agency (VOA) is responsible for compiling and maintaining the Non Domestic Rating list. On 1 April 2023, there was a revaluation which will have updated the rateable value of your property to reflect how much it would cost to let for a year on 21 April 2021. Your rates bill for 2024 to 2025 will show the new rateable value.
Transitional Relief
Transitional relief limits how much your bill will go up as a result of the revaluation. This means if your business is eligible for transitional relief, the increases to the business rates bill will be phased in gradually.
The below table shows the percentage increases applied to phase in your bill over the next 3 years:
| Rateable Value | 2023 to 2024 | 2024 to 2025 | 2025 to 2026 |
|---|---|---|---|
| Up to £28,000 | 5% | 10% plus inflation | 25% plus inflation |
| £28,000 to £100,000 | 15% | 25% plus inflation | 40% plus inflation |
| Over £100,000 | 30% | 40% plus inflation | 55% plus inflation |
Last updated: 19 March 2024