What Tenants Need to Know about the Draft 2023 Business Rates Revaluation List

Posted by Colliers on 25th November 2022 -

Firstly, the chancellor outlined the key changes that are due to be made to business rates when the new list commences on 1 April 2023. Immediately afterwards the 2023 draft list was published, catching the whole nation by surprise, as it hadn’t been expected to be published until this week. 

In a matter of hours, we were soon provided with answers to the questions which had until then been unanswered for months. 

What we now know about the Business Rates Revaluation:

• Uniform Business Rates confirmed at 49.9p for small properties and 51.2p for large (i.e. fixed at this year’s levels).
• There will be no downward transition.
• Upward transition will remain, with increases as follows in year 1: 
  o 5% for small properties; 
  o 15% for medium properties
  o 30% for large properties.
• Retail, hospitality and leisure relief is being extended from 50% to 75% but still with a cap per business of £110,000.
• A new Supporting Small Business Scheme is being introduced, providing £500 million in support over the next three years. The thresholds have not yet been announced.
• The 12 months relief for qualifying improvements which was announced in the previous budget, will now be deferred until April 2024.

Draft 2023 Revaluation List Findings

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