Under the Small Business Rates Relief Scheme business premises with a rateable
value of up to PS6,000 receive 100% relief and those with a rateable
value between PS6,001 and PS12,000 will receive relief on a tapered basis from 100% to zero.
BUSINESS rates are calculated by multiplying the rateable
value of a property by the multiplier - a figure set by central government.
The case The Court of Appeal recently overturned an Upper Tribunal (Lands Chamber) decision to reduce the rateable
value of an office property to PS1 while it was undergoing a substantial refurbishment.
The original rateable
value (RV) of the properties for which revaluation appeals have been resolved is Au4,561m, which represents 92% of the rateable
values of properties for which a revaluation appeal was lodged (Au4,946m).
The government will introduce transitional arrangements to 'phase in' large changes in rateable
value both upwards and downwards over the five years of the Revaluation.
The scheme will provide 50 per cent off for firms with a rateable
value under pounds 2,000, and a 25 per cent discount for companies with rateable
values of between pounds 2,001 and pounds 5,000.
The SBRR was introduced in April 2005 and gives a percentage rate relief for all properties with rateable
values of up to pounds 10,000, including a 50 per cent rate relief for those with rateable
values up to pounds 5,000.
Small households of one or two people living in a home with a high rateable
value are likely to save money with a meter.
With regard to vacant property, the exemption threshold at which rates become payable has reduced from rateable
value pounds 18,000 to rateable
value pounds 2,600.
MOST business occupiers will have received a "summary valuation" which sets out how the Valuation Office Agency (VOA) has calculated the 2010 rateable
value for their premises from April, 2010.
The upper rateable
value limit for each category of relief will be as follows: Upper limit for 50% general relief increased from a rateable
value of pounds 2,000 to pounds 2,400: Upper limit for 25% general relief increased from a rateable
value of pounds 6,500 to pounds 7,800 and Upper limit for 25% retail relief increased from a rateable
value of pounds 9,000 to pounds 11,000.
Thousands of shops will benefit: Businesses with a rateable
value of under pounds 2,000 will receive an automatic 50 per cent off their rates.