The Valuation Office (VO) is responsible for maintaining accurate rating lists in England independently of central Government and updates ratepayers’ rateable value every three years at a revaluation. Revaluations maintain fairness in the system by redistributing business rates liabilities amongst ratepayers to reflect recent developments in market conditions.
At the Budget, the Valuation Office announced updated property values from the 2026 revaluation, which came into effect on 1 April. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
In recognition of the impact of the revaluation on bills, the Government has introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
The Government has also introduced new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth almost £1 billion to over 750,000 properties.
The Government has also introduced a redesigned, transitional relief scheme. Compared to the 2023 transitional relief scheme, the redesigned scheme provides generous support for larger properties including airports, hotels and key industrial strategy properties, who are facing large increases and are important for growth in the UK.
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