mybusinessrates.gov.uk/wales the official government website

What is it?

The summary valuation explains how the rateable value of your business property has been calculated. The VOA sent a paper copy to most ratepayers in October 2004. Summary valuations are also available online so that details of comparable properties can be checked. The VOA is responsible for setting the rateable values of all 1.75 million business properties in Wales and England.

In future, where appropriate, all businesses will receive summary valuations. Currently, they are available to most shops, offices and industrial properties – approximately 1.3 million in total.  If those businesses that have received a summary valuation have their rateable value re-assessed and changed by the VOA, they will be sent an updated summary valuation that reflects any amendments.

The use of summary valuations marks a new approach. In the past you were only informed of the rateable value of your property. From now on you will get a full breakdown of how that rateable value has been calculated based on the characteristics of the property you occupy.

The summary valuation is not a rates bill. Your local authority calculates your rates bill by multiplying the rateable value by a factor set by the Welsh Assembly Government each year called the multiplier, or Uniform Business Rate (UBR). Your local authority then applies any reliefs to which you might be entitled, to come up with a final figure for your bill. You will receive your rates bill from your local authority sometime between February and April each year.