New report assesses the impact of the Revaluation on industrial and logistics across the UK. We also look at the multipliers, legislative changes and provide a technical overview of the system.
Insight
08 February 2023
2023 Rating Revaluation
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Business rates are a tax based on the rental value of a property. Over time, the property market evolves and rental values change, so periodically these rates need to be reviewed and modified by the Government to keep the tax fair between ratepayers. These reviews are called “revaluations” and usually happen every five years.
However, with the next revaluation set for 1 April 2023 after an extended period, and significant changes to the market driven by Brexit and the pandemic, the 2023 rating revaluation will be one of the most redistributive of the modern era.
Our new report assesses the impact of the Revaluation on the three main property sectors namely offices, industrial and logistics and retail across the UK. We also look at the multipliers, transitional relief, legislative changes and provide a technical overview of the system.