The Valuation Tribunal for England handed the Natural History Museum a £12.92‑million‑to‑£1 cut on 1 March 2026, making the rateable value effective from 1 April 2017.
The museum had been listed at £12.92 million in the 2017 Rating List, then trimmed to £4.16 million by a rebuilding‑cost method; it challenged both figures, insisting that free public admission made a commercial valuation inapplicable.
Mills & Reeve argued that the institution’s finances, which show no profit even with grant funding, prove it cannot be operated profitably by a hypothetical tenant; the tribunal agreed, rejecting the notional receipts approach and the idea of a commercial tenant.
The Department for Digital, Culture, Media and Sport now confirmed it will stop using the notional receipts method for free‑entry museums, and HM Revenue and Customs will update rating rules across the sector; museums such as the Victoria and Albert and the National Gallery are expected to see adjustments next month.