Small Business Rates Relief
The relief is available to ratepayers who occupy either;
a) One business property, or
b) One main business property and other additional business properties provided all of the other properties have rateable values less than £2,900.
The rateable value of the property mentioned in a), or the total rateable value of all properties mentioned in b), must be under £20,000.
Relief can only be given on one property. Properties currently eligible for either charitable rate relief or rural rate relief will not be eligible for Small Business Rate Relief.
How much relief will be granted?
Successful applicants whose rateable value is £12,000 or less will get 100% rate relief. This will decrease on a sliding scale of between £12,000 and £15,000 rateable value.
Any property with rateable value of £50,999 or less will automatically get some relief by having the bill worked out using the lower of the two multipliers (ie 0.466 for 2017/18), irrespective of the number of businesses owned by the ratepayer, without the need for an application.
Businesses whose rateable value is £51,000 or more are not eligible for any Small Business Relief.
Only one application needs to be made during the life of a five year Valuation List.
For businesses that take on an additional property which would normally have meant loss of small business rate relief, the Government has confirmed that they will be allowed to keep that relief for 12 months.
Please contact the Business Rates team on 01228 817234 If you wish to apply for this relief.