This paper deals with the principles and practice of valuation for business rates and explains the background to the rating system in England, Scotland and Wales. It covers the basis on which rateable values are assessed, the calculation of the rate bill and how the bills are adjusted for transitional relief. It also explains the way in which the Valuation Office and Scottish Assessors prepare the valuations, the nature of the evidence used and how it is collected and analysed. It explains how appeals against the original revaluation assessments are considered and negotiated, and gives some guidance on when further appeals might be made. It also considered challenges against rate demands, outlines some of the reliefs that may be available and gives guidance on rate liabilities for empty and part empty premises. This paper will be of interest to finance directors, facilities managers, office managers and anyone responsible for the payment of rates, as it provides guidelines on how the bills may be minimised. [Taken from journal abstract.]