mybusinessrates.gov.uk/wales the official government website
Understanding summary valuations
Every five years the rateable values of all 1.75 million business properties in Wales and England are reassessed. The most recent revaluation came into effect on 1 April 2005. Many ratepayers received details of their proposed new rateable value in the form of a summary valuation.
Renting out a holiday home
If you have a holiday home, you only have to pay business rates on the property if you plan to make it available for rent for at least 140 days a year. Otherwise, you will pay council tax. But you have to make a conscious decision to restrict bookings to 139 days (or less). If you don’t, your property will be liable for a business rates assessment – regardless of the number of days for which you actually let it out.
Any assessment of your property’s rateable value could take into account any rents you pay, the type, size, quality and location of the accommodation, and its income potential.