Business Rates Revaluation
23 January 2023
From 1 April 2023, the revaluation of non-domestic property values will come into effect, affecting business rates. This revaluation is based on property values at 1 April 2021.
New rateable values (RVs) and an estimate of business rates bills are available for the coming year on the VOA website here. The government relief scheme for retail, hospitality and leisure announced in the autumn statement is also now available – eligible businesses need to apply to Westminster City Council. Click here for more information and to apply.
Baker Street Quarter member Knight Frank has published a very helpful outline of revaluation and support packages – available here.
Business rates are set by central government, which sets the multiplier – a pence in the pound value applied to the rateable value – which is then collected on its behalf by the local authority. Some key figures of interest from Westminster:
- Total RV of businesses in Westminster is £4.7bn, down 3.2% since 2017
- Westminster’s RV as a share of England and Wales has fallen from 7.7% to 6.7%
In terms of the BID levy, Baker Street Quarter took the decision to fix the levy on the rateable values that applied in November 2022 (not the recent revaluation), giving members certainty on their levy level. We have also introduced a two-tier levy percentage to reflect the reduction in RVs of retail, leisure and hospitality businesses.