Up tp 50% Small Business Reduction
Small Business Rate Relief
This relief came into effect on 1 April 2005.
This relief came into effect on 1 April 2005.
Eligible businesses with rateable values of below £5,000 will
get 50% rate relief on their liability. This relief will
decrease on a sliding scale by an estimated 1% for every
£100 of rateable value over £5,000, up to £10,000. Your local
billing authority will calculate the exact decrease.
The relief is available to ratepayers with either:
- one property, or
- one main property and other additional properties, providing the additional properties do not have individual rateable values of more than £2,200, and the combined rateable value of all the properties is under £15,000 (or £21,500 in London). The threshold for the combined rateable value is dependent on the location of the main property. The main property is the only one that will have the relief applied to it. The additional properties will have their charges calculated using the standard multiplier.
In addition to this relief on liability, eligible businesses
with rateable values of between £10,000 and £14,999 (or between
£10,000 and £21,499 in London) will have their liability calculated
using the small business
multiplier.
The Small Business Rate Relief scheme is funded by a
supplement on the rate bill of those businesses not eligible for
the relief. This supplement is built into the standard
multiplier.
Eligible ratepayers must apply for the relief each year,
including those with rateable values between £10,000 and £14,999
(or between £10,000 and £21,499 in London). If your business
ceases to be eligible on a day during the financial year, the
relief will cease on that day. You must submit your
application for the relief to your local authority within six
months of the end of the financial year to which it relates - for
the 2005/06 financial year, the last date for applications will be
30 September 2006.
Assuming a business meets the eligibility criteria, the relief
can only be granted if the property the business occupies is on the
rating list from 1 April. The date of occupation of the
property is irrelevant, the key date is the effective date given to
the property in the rating list. If the property has an
effective date after 1 April, then the relief can only be applied
for from 1 April of the following year.
For more information contact Peter Cooke, Local
Taxation Officer- 01748 829100 ext. 7101 or peter.cooke@richmondshire.gov.uk
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Last updated:
10 June 2008
