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 council bills and collects the Business Rates.
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 new rating list now comes into force from 1st April, 2017.
The Rating List is available online via the Valuation Office Agency website.
View a copy of the explanatory notes that accompany the bill here.