The purpose of the revaluation is to make sure that individual rateable values reflect the changes that have taken place in the property market since the last revaluation.

The new rateable values broadly represent the yearly rent that properties could have been let for, on the open market, on a particular date. 

The 2005 Valuation list came into effect on 1 April 2005, and all business rates bills are now based on the valuations in this list.  Most businesses will have received a summary valuation which explains how the Valuation Office Agency has worked out their new rateable value.  In most cases, these will be available on the VOA website at:  

 http://www.voa.gov.uk/business_rates/index.htm

Transitional Relief

Transitional relief from business rates will be available following the revaluation in 2005.  Further information on transitional arrangements can be found at:

http://www.mybusinessrates.gov.uk/rates/transitional_adjustment/index.html