The Government has confirmed a new transitional scheme for the 2023 Rating List.
As in the past the scheme applies caps to limit increases in liability between the 2022/23 rate year and the periods from 2024 on the following basis.
A large property is defined as one for which the Rateable Value (RV) as at 1 April 2023 is above £100,000.
A medium property is defined as one for which the RV as at 1 April 2023 is between £20,001 (£28,001 in London) and £100,000.
A small property is defined as one for which the RV as at 1 April 2023 is less than £20,001 (£28,001 in London).
Maximum Annual Increases in Rates Payable, excluding Inflation
Transitional Support for Businesses losing SBRR or RRR at the Revaluation.
The government is also protecting small businesses that, due to the revaluation, will lose their eligibility for either Small Business or Rural Rate Relief (SBRR or RRR).
The Supporting Small Business (SSB) scheme will provide over £500 million in support over the next 3 years to cap bill increases at £50 per month (£600 per year).