50% small business reduction

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:

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 every five years in line with the new Valuation List. If your business ceases to be eligible on a day during the financial year, the relief will cease on that day.  

 

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.This changes from 01 April 2009, the property does not have to be in the list on 01 April 2009 to qualify for that year. 

 

 

For more information contact a Local Taxation Officer- 01748 829100