The next nationwide business rates revaluation is to take place on 1 April 2023, placing new rateable values on all 2.1 Million properties liable for business rates. The new figures will be based on rental levels prevailing in April 2021.
With the current rateable values being based on rental levels prevailing seven years ago, there are likely to be big swings in liability change following the 2023 revaluation.
The biggest changes are likely to be seen in the retail sector, where significant reductions in liability are anticipated, while other properties in parts of the logistics and industrial sector are expected to see substantial increases.
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If you require any further information about the 2023 revaluation please get in touch with our business rates team by completing the form below.