Finance Minister announces business rates revaluation - Reval 2023
Updated: Jun 28, 2021
A revaluation of all 74,750 non-domestic properties is to commence in Northern Ireland. Known as 'Reval2023', this process will result in a new non-domestic Valuation List used to calculate business rate bills in April 2023.
Business rates are a charge on non-domestic property, such as shops, offices, warehouses, factories, hotels and pubs, and utilities such as gas, water, electricity, and wind farms. With a departure from the usual procedure of using a valuation date two years before the date bills are issued, LPS intends to assess the rental value eighteen months earlier, on 1 October 2021.
It is yet unknown what rental values will look like on 1 October 2021, but no doubt the effects of the localised restrictions resulting from the pandemic will still impact them.
A word of caution from our Director John Gowlands MRICS DipRating, "A General Revaluation is revenue-neutral, and there will be winners and losers as a result of the published list of values. Furthermore, bills will inevitably go up to compensate for any reduction across the Valuation List due to the pandemic. This Revaluation is an opportunity for the Finance Minister and Councils to reduce liabilities. Northern Ireland is subject to one of the highest rates poundages in the UK, ranging from 50.0225 to 59.0326 pence in the pound compared to the small business rate in England of 49.9 pence in every pound. Now is the time to address this disparity and put money back into local businesses as they rebuild following the effects of the pandemic."
If Ratepayers receive requests for information later this year and require help completing them, please contact our office.
Our experts will be on hand to guide you and assist you with all queries, challenging the draft schedule of values for Reval 2023 and challenging the Valuation List when it comes into force on 1 April 2023.