The draft list of rateable values for the 2023 rating period was published by the Valuation Office Agency at the end of 2022. These values will form the basis for all ratepayers' rates bills come April 2023 with smaller properties paying 0.499 of their rateable value annually and larger properties paying 0.512 of their rateable value annually.
Statistical analysis of the new rateable values show, on average, an increase of 7.1% across all sectors in England and Wales. The industrial sector is being hit the hardest with an average increase of 27.1%, the office sector is seeing an increase of 10.2% on average and whilst the retail sector has enjoyed positive headlines with an average decrease of -10%, this is not uniform across all properties within this sector.
Statistical analysis of the new rateable values show, on average, an increase of 7.1% across all sectors in England and Wales.
For example, the largest band of properties, those with a rateable value of £51,000 or higher, are set to receive an average decrease of 17.3%. This extends further for the very largest of properties; Harrods are seeing their rateable value drop dramatically from £32,730,000 to £18,000,000, an almost 45% reduction. On the other hand, much smaller retail premises with a rateable value between £6,001 and £12,000 are actually seeing an average increase of 5.8% and those between £12,001 and £15,000 are set to experience an average increase of 13.7%. Effectively, whilst there is a reduction to the retail sector as a whole, the reduction mostly benefits the largest ratepayers and the everyday High Street shop will have an increased rateable value come April 2023.
This may be alarming to ratepayers already feeling the heavy burden of their existing liability amid an already trying cost of living crisis, however, quite often there are methods to reduce your liability and you can already place an appeal on your upcoming 2023 rateable value. There is no time like the present to act on this and get ahead of your future bills.
To see what your upcoming rateable value is, please see here: Find a business rates valuation - GOV.UK (www.gov.uk)
And to find out if there is scope to reduce your upcoming liability, please contact us at info@hollowaybond.co.uk or call on 0208 0950 990.