Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of introducing rolling revaluations (a) every three years and (b) on a regular basis to prevent significant increases in bills.

The amount of business rates paid on each property is based on the Rateable Value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. The most recent revaluation took effect from 1 April 2023 and was based on values as of 1 April 2021. The next revaluation will take effect from 1 April 2026 based on values of 1 April 2024.

The Government provides transitional relief to support ratepayers seeing large bill increases as a result of revaluations. The Government will announce details on the transitional relief scheme for the 2026 revaluation at Budget 2025, in light of the revaluation outcomes.