Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what is the methodology and the formula used in the current rateable value calculation.

The Valuation Office calculates a rateable value for each business property in England and Wales. A rateable value is an estimate of what it would cost to rent a property for a year, on a set date known as the Valuation Date.

The methodology and approach used to assess rateable values varies depending on the type of property. The Valuation Office publishes a Rating Manual describing how each property class is valued. The manual for the 2023 rating list can be found here, and will be updated for the 2026 list in due course.