The amount paid for business rates is based on the rateable value of a property, which is calculated by the Valuation Office Agency. Business rates are calculated by:
Rural rate relief is available for certain types of businesses situated within a rural settlement with a population of 3,000 or below. In order for businesses to qualify they must be:
An eligible ratepayer is entitled to relief at 100% of the full charge (with effect from 1 April 2017) whilst the local authority also has discretion to give discretionary relief to those premises listed above which have a Rateable Value less than £16500.
The Valuation Office Agency revalues properties for business rates periodically. Revaluations have usually occurred every five years. A revaluation last took place on 1 April 2017. However, Central Government announced that the next revaluation will be 2021 and future revaluations will be more frequent, on a three yearly basis taking effect 2024.