Business rates revaluation
All non-domestic properties are to be revalued every 3 years by the Valuation Office Agency (VOA). Regular revaluations help maintain fairness in the business rates system by redistributing the total amount payable to reflect changes in the property market. A revaluation does not necessarily raise extra revenue overall; it simply ensures that each property’s share of the total business rates bill is kept up to date.
Business rates revaluation 2026
The next business rates revaluation in England and Wales will take effect on 1 April 2026. This revaluation will update the rateable values of all non-domestic properties to reflect changes in the property market since the last revaluation in 2023.
How rateable values are assessed
Rateable values are assessed by the Valuation Office Agency (VOA), an agency of HM Revenue and Customs (HMRC). Generally, a property’s rateable value represents the annual rent the property could have been let for on the open market at a fixed valuation date; however, certain types of property are assessed via other means.
For the 2026 revaluation:
- rateable values will be based on a valuation date of 1 April 2024
- the VOA will use rental and other market evidence to determine each property’s rateable value
If you think your rateable value is incorrect once the draft or final list is published, you will be able to find, view and update your property details online through the VOA.
Providing information to the VOA
To support the revaluation, the VOA may contact businesses to request rental or other property information. Supplying accurate information helps ensure your rateable value is correct.
Under the Non-Domestic Rating Act 2023, ratepayers now have a legal duty to provide certain information to the VOA. This includes:
- an initial Taxpayer Reference notification
- an ongoing Duty to Notify the VOA of changes that may affect your property’s rateable value
- an Annual Confirmation to verify that the information the VOA holds is up to date
Ratepayers can appeal any penalties applied for failing to meet these duties. An initial review can be requested from the VOA or HMRC, with a further right of appeal to the Valuation Tribunal for England (VTE).
Transitional Relief
Revaluations can result in changes to business rates bills, with some properties seeing increases and others decreases. To help manage these changes, the government typically introduces Transitional Relief schemes.
Transitional Relief limits how much a business rates bill can increase each year as a result of a revaluation. This means that any significant changes to your bill are phased in gradually, if you are eligible.
Find GOV.UK's information about the Transitional Relief scheme online.
Business rates multipliers for the year 2026 to 2027
The government announced that there will be 5 business rates multipliers for the year 2026 to 2027 at the Autumn Budget 2025. These multipliers take into account the updated rateable values and the wider economic context. Details of the new multipliers are below:
- Small Business RHL Multiplier (Rateable Value less than £51,000): for qualifying Retail, Hospitality and Leisure businesses
- Standard RHL Multiplier (Rateable Value £51,000 to £499,999): for qualifying Retail, Hospitality and Leisure businesses
- Small Business Non-RHL Multiplier (Rateable Value less than £51,000): for all other businesses
- Standard Non-RHL Multiplier (Rateable Value £51,000 to £499,999): for all other businesses
- High-Value Multiplier (Rateable Value £500,000 or more): applies to all properties regardless of use