Business rates revaluation

Every three years, the Valuation Office Agency (VOA) update the Rateable Value of non-domestic properties to reflect changes in the property market. Revaluations maintain fairness in the system by redistributing business rate liabilities amongst ratepayers.

They are not carried out to generate extra revenue.

The next revaluation is due to come into effect on 1 April 2026 based upon market values as of 1 April 2024.

The 2026 draft list has been released by the Valuation Office Agency (VOA) and you can now view your property's current and future rateable value.

You can use this service to see the details the VOA holds for your property and compare your property's rateable value with similar properties in the area.

Preparation for business rates changes 2026/27

Background

At the Autumn Budget in 2024, the Government announced its intention to introduce two lower multipliers for retail, hospitality and leisure (RHL) properties with rateable values (RVs) of below £500,000. These will commence from April 2026 to give long-term certainty and support to the High Street.

The government also plans to introduce a higher multiplier for all properties with RVs of £500,000 and above.

The government has also changed from a system of five yearly valuations to three yearly valuations. The next revaluation will take effect from 1 April 2026.

The summary of the planned changes is shown below:

Summary of changes

• Phasing out of retail discount and an introduction of some new non-domestic rates multipliers
• Revaluation 2026

Phasing out of retail discount and new non-domestic rates multipliers

The government are phasing out retail discount and that will end on 31 March 2026.

From 1 April 2026, the government are introducing three new multipliers in addition to the existing two multipliers.

The multiplier we will use to calculate your gross businessrates will depend on the use of the hereditament (retail or otherwise) and the size of the rateable value.

The current system of multipliers for 2025/26 is:

• Small business multiplier (SBR) – All properties with a rateable value of below £51,000
• Standard multiplier – All properties with a rateable value of £51,000 and above

The new multipliers that will apply from 1 April 2026 (in addition to the above) are:

• Retail, hospitality and leisure multiplier for those properties with a rateable value of below £51,000
• Retail, hospitality and leisure multiplier for those properties with a rateable value of £51,000-£499,999.
• Large multiplier for all properties with a rateable value of £500,000 and above.

The table below shows the current system of multipliers and the new forthcoming system of multipliers from 2026/27 onwards.

Non-domestic rates multipliers

Property	Multiplier
SBR RHL multiplier	38.2p
Standard RHL multiplier	43.0p
SBR multiplier	43.2p
Standard multiplier	48.0p
Multiplier RV over 500,000	50.8p

The retail discount will be replaced with two retail, hospitality and leisure multipliers (RHL).

We will determine whether your property falls into the category of retail, hospitality and leisure and charge you that multiplier accordingly. The government set the value (pence in the pound) of all the multipliers.