Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value which is normally set by the valuation officers of the Valuation Office Agency (VOA), an agency of the Inland Revenue.
The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1/4/2005, this date was set as 1/4/2003.
The Valuation Officer has to maintain the list and may alter the value if the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they believe it is wrong.
The effect of successful appeals against values shown in the rating list that came into force on 1/4/2005 will normally be backdated to that date, although there are exceptions to this.
More information on 2005 rateable values
VOA website