Business Rates or National Non-Domestic Rates (NNDR) is a national tax collected from all occupiers or owners of non-domestic properties that appear in the Rating List.
Commercial rental values are, in general, the basis for assessing the rateable value of business properties. The gross rate charge is calculated by multiplying the rateable value by the non-domestic rating multiplier.
The Government sets the multiplier, whilst rateable values are assessed by the Valuation Office Agency, an executive agency of HM Revenues and Customs. The local authority bills and collects the Business Rates and pays it to the Government.
Every 5 years a new rating list is compiled and all rateable values are re-assessed. The Government has implemented successive Transitional Relief Schemes following each of the 5-yearly revaluations to reduce the impact of changes in rateable values upon business ratepayers. The Government has decided that the next revaluation (and so new rating list) will be postponed until 2017.
The Rating List is available online via the Valuation Office Agency website.