Business Rates Explained
Business rates is a tax on occupation, in its current form it stems from the Local Government Finance Act 1988. Each property is to be valued at a figure known as the “Rateable Value” and then have a charge levied on it at a national rate. Often that Rateable Value is based on fair maintainable trade in 2008, you can tell by looking at the Rating List and for receipts based valuations there will be no details of the valuation.
Who gets it? The money does not go to your local authority despite their name being at the top of the rates bill, it goes to Central Government. Local authorities do keep the Council Tax they raise and they are given a central grant from Government to even out the receipts.
If you reduce my business rates the Country receives less? Not really, each year the non-domestic multiplier is calculated and the government can increase it for inflation and for
Offices in Greater London who have an RV over £55,000 will have to pay the “Crossrail Business Rate Supplement” at 2 pence for every £1 Rateable Value