Research

2023 Rating Revaluation

Our new Business Rates research report, 2023 Rating Revaluation, is our analysis of the Government’s 2023 rating revaluation in England and Wales, which we believe will be among the most redistributive of the modern era.

May 18, 2022
Contributors:
  • Stanley Booton
  • Tim Beattie
  • Peter Fullam

Business rates are a tax based on the rental value of a property. Over time, the property market evolves and rental values change, so periodically these rates need to be reviewed and modified by the Government to keep the tax fair between ratepayers. These reviews are called “revaluations” and usually happen every five years.

However, with the next revaluation set for 1 April 2023 after an extended period, and significant changes to the market driven by Brexit and the pandemic, JLL analysis into the 2023 rating revaluation has identified it as one of the most redistributive of the modern era.

In our new report, we predict that we will see a substantial shift in value for the retail and logistics sectors. We expect to see the share of tax paid by retailers to fall significantly, while industrial property – which in value terms is mostly logistics – will pay more.

We also examine why the Government’s decision not to undertake any fundamental reform of the tax, coupled with the problems of the valuation date being set during a period of lockdown in England and Wales and the current high rate of inflation, means that a degree of uncertainty hangs over this revaluation – and what this means for British business.

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