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Revaluation and other relief

Revaluation 2023

The Valuation Office Agency (VOA) updates the rateable value of business properties to reflect changes in the property market.

The most recent revaluation came into effect on 1 April 2023, based on rateable values from 1 April 2021.

GOV.UK – Find a business rates valuation

A package of targeted support worth £13.5 billion over the next five years will support businesses as they transition to their new bills, protect businesses from the impact of inflation, and support our high streets.

Multipliers from 1 April 2024

Multiply your rateable value by your multiplier. This shows you how much you will have to pay in business rates (before any relief is deducted).

Tax YearSmall business multiplier (RV 0 to £50,999)Standard multiplier (RV £51,000 and over)
2023/2449.9 pence51.2 pence
2024/2549.9 pence54.6 pence

The small business multiplier will be added if a business with a rateable value between £0 and £50,999, is unoccupied, on the central list or occupied by charities under the Non-Domestic Rating Act 2023.

Business Rates Transitional Relief Scheme

Transitional relief limits how much your bill changes each year as a result of the business rates revaluation.

You will receive transitional relief if your rates go up or down by a certain amount. The changes to your bill will be phased in gradually. You don’t need to do anything if you are eligible, we will automatically adjust your bill.

Increased bill – From 1 April 2023

Rateable value2023/242024/252025/26
Up to £20,0005%10% plus inflation25% plus inflation
£20,001 to £100,00015%25% plus inflation40% plus inflation
Over £100,00030%40% plus inflation55% plus inflation

Business Rates Supporting Small Business Scheme (SSB)

If your bill has increased because of the most recent revaluation, or you’ve seen a reduction in your Small Business Rate Relief (SBRR) or Rural Rate Relief (RRR). You could be eligible for the Supporting Small Business Scheme (SSB). This means your bills will not increase more than £600 per year or £50 a month from April 2023.

Contact details

Business rates, local taxation and benefits, Municipal Offices, Grimsby, North East Lincolnshire, DN31 1HU

Email: [email protected]

Telephone: 0300 3030164 option 4

Telephone opening times: Monday to Friday 9am to 4:30pm, except bank holidays