The latest information on transitional arrangements is now available.
The rateable values for all non domestic property (which includes all business premises) are recalculated every 5 years. The last revaluation is affective from the 1st April 2010.
The assessment is carried out by the Valuation Office Agency, part of HM Revenue and Customs. The can be viewed on their website at www.voa.gov.uk/2010.
In line with the revaluation of properties, the Government has recently announced the thresholds for small business rate relief that will be used from 1st April 2010 these are shown below:
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Less than £6,000
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50% reduction in your business rates
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£6,000 to £11,999
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Between 1% and 49% of your business rates.
(The relief will be reduced by 1% for every £120 of rateable value above £6,000.)
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The Government have announced the transitional arrangements that will apply from April 2010. These limit in the increase in the rates bill faced by some businesses as a result of the 2010 revaluation. This will be paid for by similarly phasing in the reduction in the rates bill that other businesses will benefit from following the revaluation.
The scheme will apply for five years, as shown below.
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2010/11
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2011/12
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2012/13
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2013/14
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2014/15
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Upward cap (small properties RV Less than £18,000)
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5%
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7.5%
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10%
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15%
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15%
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Upward Cap (large properties RV £18,000 and above )
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12.5%
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17.5%
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20%
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25%
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25%
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Downward Cap (small properties RV Less than £18,000)
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20%
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30%
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35%
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55%
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55%
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Downward Cap (large properties RV £18,000 and above )
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4.6%
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6.7%
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7%
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13%
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13%
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Please note that the percentage figures above will be subject to adjustment each year for inflation, which will taken as per the Retail Price Index as at September each year.
Your entitlement to any relief under the transitional arrangement will be calculated automatically - there is no need to apply.