The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
From the 1 April 2017, the Valuation Office Agency (VOA) is updating the rateable value of all business properties.
For more information on the 2017 Revaluation, rateable values, and business rates go to www.gov.uk/voa/revaluation.
You can also estimate your business rates bill, including any small business rate relief the local council may apply.
Changes to your bill as a result of other reasons (such as changes to the amount of small business rate relief) are not covered by the transitional arrangements. The transitional arrangements are applied automatically and are shown on the front of your bill.
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Property values normally change a good deal between each revaluation. Transitional arrangements help to phase in the effects of these changes by limiting the amount by which a bill may rise following a revaluation.
To help pay for limits on increases in bills after a revaluation, there also have to be limits on reductions in bills. Under the transition scheme, limits continue to apply to yearly increases and decreases until the full amount is due (rateable value times the multiplier).
The scheme applies only to the bill based on a property at the time of the revaluation. If there are any changes to the property after the revaluation date, transitional arrangements will not normally apply to the part of a bill that applies to any increase in rateable value due to those changes.
From April 2017, transitional relief will apply to those who are moving to higher bills.
- Small property size is a 2017 rateable value of less than £20,000 outside London
- Medium property size is a 2017 rateable value of less than £100,000
- Large property size is a 2017 rateable value above £100,000
There are limits on how much your rates can increase or decrease.