National Non-Domestic Rates (Business Rates)
The market for rented property may change a great deal between revaluations. The 2005 revaluation resulted in some cases in big increases and decreases in rateable values of properties.
Because the Rateable Value X Multiplier calculation could result in large increases or decreases in rates payable the government decided to phase in these increases or decreases gradually to give businesses time to adjust.
Individual rate bills are therefore not allowed to go up or down by more than a fixed percentage plus inflation. These percentage changes are set by the government and apply each year until the full rates liability is reached. The transitional arrangements can carry on for up to 5 years after the last revaluation. The Transitional Relief scheme does not apply to the 2009/10 financial year.
Any relief or premium where applicable is automatically calculated and applied to the bill as it is based on the property irrespective of who occupies it.Further information regarding this scheme along with general information regarding Business Rates can be obtained via Business Link, a Government funded site, designed to provide businesses with clear information on National Non Domestic Rates.