Ratepayers are now able to access the draft rating list 2023 and estimate what their business rates bill might be from 1 April 2023. Draft rating list 2023 - GOV.UK At revaluation, the Valuation Office Agency (VOA) adjusts the rateable value of business properties to reflect changes in the property market. The most recent revaluation came into effect in England and Wales on 1 April 2017, based on rateable values from 1 April 2015. The next revaluation will come into effect on 1 April 2023, based on rateable values from 1 April 2021. Revaluation 2023 – overall package 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 fill impact of inflation, and support our high streets. English Local Authorities will be fully compensated for the loss of income because of these business rates measures and will receive new burdens funding for administrative and IT costs. Business rates – multiplier freeze The business rates multipliers will be frozen in 2023-24 at 49.9 pence and 51.2 pence, preventing them from increasing to 52.9 pence and 54.2 pence. This is a tax cut worth £9.3 billion over the next five years. This will support all ratepayers, large and small, and mean bills are 6% lower than without the freeze, before any reliefs are granted. Business rates – transitional relief scheme Upwards Transitional Relief will support businesses by capping bill increases caused by changes in rateable values at the 2023 revaluation. This £1.6 billion of support will be funded by the Exchequer rather than by limiting bill decreases, as at previous revaluations. The ‘upward caps’ will be 5%, 15% and 30%, respectfully, for small, medium, and large properties in 2023-24, and will be applied before any other reliefs or supplements. This delivers significant reform to the business rates system and responds to key stakeholder ask. The 300,000 with falls in rateable values will see the full benefit of that reduction in their new business rates bill from April 2023. Business rates – retail, hospitality and leisure relief Support for eligible retail, hospitality, and leisure businesses (RHL) is being extended and increased from 50% to 75% business rates relief up to £110,000 per business in 2023-24. Around 230,000 RHL properties will be eligible to receive this increased support worth £2.1 billion. Business rates – supporting small business scheme (SBSS) Bill increases for the smallest businesses losing eligibility or seeing reductions in Small Business Rate Relief (SBRR) or Rural Rate Relief (RRR) will be capped at £600 per year from April 2023. This is support worth over £500 million over the next three years and will protect over 80,000 small businesses who are losing some or all eligibility for relief. This means no small business losing eligibility for SBRR or RRR will see a bill increase of more than£50 per month in 2023-24. Business rates – improvement relief At the Autumn Budget 2021 the government announced a new improvement relief to ensure ratepayers do not see an increase in their rates for 12 months because of making qualifying improvements to a property they occupy. This will now be introduced from April 2024. This relief will be available until 2028, at which point the government will review the measure.