Rateable values are generally reassessed every 5 years. The last national revaluation was effective from 1 April 2010. However, the Government has recently announced that the next revaluation will be delayed until April 2017. Rateable values can go up or down as a result of a revaluation.
Special arrangements, known as transitional arrangements, are in place to phase in the increase or decrease in the rates bill as a result of the revaluation. These arrangements restrict the amount by which your rates bill can change each year.
Different limits apply to small properties, that is those with a rateable value of less than £25,500, and also depending on whether your rateable value increased or decreased as a result of the revaluation.
The current transition scheme operates over a five year period, from April 2010.
The scheme only applies to properties included in the Non-Domestic List at the time of the revaluation, which is 31 March 2010. If there are any changes to the rateable value of the property after this time, transitional arrangements will not normally apply.
If you are entitled to transitional relief this is calculated automatically; there is no need for you to apply for this relief. Any entitlement will be shown on your business rates bill.