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The Chancellor confirmed that the planned revaluation for England will proceed in April 2023. At revaluation, property values used to calculate non-domestic rates are updated to reflect the property market (in this case to reflect values at 1 April 2021).

Current values have been in effect since April 2017 and are based on market values at April 2015.

The Chancellor also confirmed that a transitional rates relief scheme, which phases in changes associated with new values, will be in place for three years following the revaluation.

Revaluations are also expected to take effect in April 2023 in Scotland and Wales, however poundage rates and any other decisions relating to revaluation and non-domestic rates are expected to be announced by the Welsh and Scottish governments in their respective budgets, expected in mid-December.