The much anticipated revaluation in 2023 will arguably be challenging for both the Valuation Office Agency (VOA) and government to deliver. Not only is the market extremely volatile in terms of understanding what values should apply, there are also likely to be some extreme changes in value in several sectors.

More widely there has been a significant agenda for reform of this tax. The review of business rates ended up being far from fundamental and so this revaluation is likely to be a highly political one.

There is a commitment and new focus is on more frequent revaluations in the future – which is good news perhaps, but this will be accompanied by more onerous administrative burdens. We also have the possibility of further changes with an online sales tax being considered. Will this reduce the overall burden of taxation on retails – possibly. But there is little detail as to how such receipts would be spent and a fear exists that larger ratepayers may, yet again, miss out.

In Wales there has been almost no reform of the system but that is now promised over a four year period albeit very little detail of what that might look like has been released to date.

GL Hearn is pleased to release its UK Rating Revaluation Report 2023, prepared by MSCI with specialist input from our rating team, to explore the potential impact of the 2023 Rating Revaluation in England and Wales. The report touches on some of these themes but ultimately seeks to cover two key components of the revaluation process: the changes in rateable value that we might expect next year, and what will happen to the multipliers in England and Wales.

The results of the report reflects data on rental growth changes from the MSCI UK Quarterly Property Index for different types of properties from Q12015 to Q12021.

Register below to download the report today. 

This report is not meant to provide advice; however, it does provide valuable information in time for the debate on the government’s likely forthcoming consultations on transitional relief and other reforms of the business rates system.

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