This Commons Library briefing note explains the processes governing the 2017 business rates revaluation.Jump to full report >>
Non-domestic properties in the UK pay business rates to local authorities. Business rate liabilities are based on each property’s assigned ‘rateable value’. This is multiplied by a ‘multiplier’ or ‘poundage’ to arrive at the property’s annual liability. Rateable values are normally assessed on the basis of the annual rental value of a property. They are reassessed, normally at five yearly intervals: this is known as a ‘revaluation’.
The most recent revaluation of non-domestic properties in England, Scotland and Wales took effect on 1 April 2017. This note sets out the background to the revaluation and some of the main effects on ratepayers and local authorities; and information on how to appeal against new valuations.
This revaluation was postponed for two years, from 1 April 2015. It is coming into force alongside a number of other changes in rating practice. The combined effect of these may cause some ratepayers’ bills to change significantly:
Details of the functioning of the business rate system can be found in the Library briefing Business rates. Details of recent proposals for reform, changes in the 2016 Budget, and an explanation of the Business Rate Retention Scheme, can be found in the briefing paper Reviewing and reforming business rates.
Commons Briefing papers CBP-7722
Author: Mark Sandford