HMRC Announces New Rateable Values for UK Non-Domestic Properties
HM Revenue and Customs (HMRC) has officially announced the implementation of new rateable values for over two million non-domestic properties throughout England and the United Kingdom. These updated values, which came into effect on Wednesday, April 1, 2026, will remain in force until March 31, 2029, marking a significant shift in how business rates are calculated for commercial and other non-residential properties.
Understanding Rateable Values and Their Impact
A rateable value is a key figure used by local councils to determine business rates bills, but it is important to note that this value does not directly equate to the amount paid in business rates or rent. Instead, it reflects the estimated annual rental cost of a property as of a specific valuation date. For this 2026 revaluation, that date was set at April 1, 2024, ensuring the values align with current market conditions.
Property owners and businesses can access their new rateable values through HMRC's online service, which requires a business rates valuation account for detailed information or to request changes. This transparency aims to help stakeholders plan their finances effectively.
The Revaluation Process and Timeline
The Valuation Office, now integrated into HMRC as of April 1, 2026, conducts a revaluation every three years to update rateable values based on fluctuations in the property market. Provisional values for the 2026 revaluation were published on November 26, 2025, providing businesses with ample time to prepare for the upcoming financial adjustments.
If there are concerns about the accuracy of a rateable value, property owners are encouraged to review the information used in their 2026 valuation and utilize the Check and Challenge process to address any discrepancies. For inquiries related to business rates bills, reliefs, or payments, individuals should contact their local council directly.
This revaluation underscores HMRC's commitment to maintaining fair and up-to-date property assessments, supporting both local governance and the broader business community in navigating economic changes.
