_Draft 2023 Rating List Published

On 17 November 2022, the Government released the draft 2023 rating list which comes into force in April 2023. Businesses will now be able to access their new rateable value and budget for the coming year on the VOA website. This important release follows the Chancellor's statement, which announced a series of measures on reliefs and exemptions that will apply from April. For businesses, this creates certainty, which is welcome in the current economic climate.

The measures include a freeze in the Uniform Business Rates (UBR) multiplier, an extension of the retail, hospitality and leisure relief from 50% to 75% (subject to a cap of £110,000 per business), a £600 cap for those currently qualifying for Small Business Rates Relief and the removal of any downward transitional penalty for those facing a reduction in their revalued assessments. The latter is particularly welcome as this means businesses will benefit in full from day one.

In contrast, for large businesses outside the above sectors the only protection is a cap on increases at 30% for the first year and 40% for the following. In the current economic climate, businesses will need to ensure they are fully aware of the potential damaging increase in rates. Full details of the Autumn Statement business rates measures can be found here.

Autumn Statement

No Increase in 2023/24 Business Rate UBR

In England, business rates multipliers will remain at 49.9p and 51.2p.

75% Relief for Eligible Retail, Hospitality & Leisure Sector

Up to 230,000 retail, hospitality and leisure properties will be eligible for a 75% reduction in their 2023/24 business rates charge. This will be subject to a £110,000 cap per business and not per property. This is a significant increase over this year’s 50% relief.

Supporting Small Business Scheme (SSBS)

Businesses that will no longer be eligible for small business rates relief (SBRR) or facing a reduction in the relief will have their rates capped at £600 for 2023.

Transitional Relief

Transitional Relief will apply to increases only and cap increases each year depending on the rateable value band applicable. This cap is applied before any other reliefs and exemptions.