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On 1 December the Office of the Deputy Prime Minister published the long-awaited multipliers for rateable values effective from 1 April 2005. This now completes the information required for the calculation of rate bills following the Revaluation and the details are summarised below.
The transitional scheme is as follows. As in previous revaluations there are two bands; one for small properties, defined as under £21,500 rateable value in London and £15,000 rateable value elsewhere in England. The higher band is for all other properties.
Limits for increases and decreases in rate bills, after the addition for inflation over the previous year, will be as follows:-
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INCREASES |
DECREASES |
Year |
Lower Band |
Higher Band |
Lower Band |
Higher Band |
2005/06 |
+5% |
+12.5% |
-30% |
-12.5% |
2006/07 |
+7.5% |
+17.5% |
-30% |
-12.5% |
2007/08 |
+10% |
+20% |
-35% |
-14% |
2008/09 |
+15% |
+25% |
-60% |
-25% |
2009/10 |
no limit |
no limit |
no limit |
no limit |
The multiplier for small properties will be 41.5p per pound of rateable value and the general multiplier for all other properties will be 42.2p.
In addition, certain reliefs will be available for small businesses and we will publish a further Digest in the New Year detailing those concessions.
Transitional schemes and the multipliers for Wales and Scotland have yet to be announced.
If you require further information, advice or assistance, please call Paul Taylor, Edward Wright or Andy Hart on 0114 276 7074
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