This is available for a single or main property with a rateable value of up to £10,000, whereupon you will receive a percentage reduction in your rates bill for this property of up to a maximum of 50% where your rateable value is not more than £5,000.
The scheme is funded through a supplement on the rate bills of those businesses not eligible for the relief. The supplement is built into the standard non-domestic rating multiplier. However, ratepayers of eligible business properties with rateable values between £10,000 and £15,000 do not have to contribute towards the relief and will have their bills calculated using the lower small business non-domestic rating multiplier.
Ratepayers must reapply for the relief at each revaluation year and must be eligible on 1st April of each year. If a ratepayer ceases to be eligible on a day during the year in question, the relief will cease on that day. The relief is available to ratepayers with either:
Eligible businesses with rateable values of between £10,000 and £14,999 (or between £10,000 and £21,499 in London) will have their liability calculated using the small business multiplier but will not receive a percentage reduction.
The Small Business Rate Relief scheme will be funded by a supplement on the rate bill of those businesses not eligible for the relief. This supplement is built into the standard multiplier.
A ratepayer can only obtain relief on one property.
So for example, if you have several properties and none has a rateable value of more than £2,200 and the total value of all the properties is under £15,000, you need to identify the property for which you wish to claim relief. The remaining properties would be charged using the higher multiplier.
The property must be in the rating list as at the 1st April of the year for which relief is sought. If it is not you cannot apply for Rate Relief until the following financial year.
From 1 April 2007, applications for Small Business Rates Relief will cover the whole period up to the date of the next general revaluation, which is April 2010 provided certain defined circumstances do not change.
A condition of entitlement to SBRR is that the ratepayer must notify the billing authority of particular changes in circumstances that may affect their entitlement to the relief, within four weeks starting on the day after the change occured.
These changes are:
As notifying the billing authority of these changes, within four weeks starting on the day after the date of change, will be a condition of entitlement, failure to notify the authority will mean that the ratepayer would no longer be entitled to the relief. If the ratepayer notifies the authority after the four week period, the ratepayer would lose relief from the day after the date of change until the day on which the authority is notified in accordance with the amended 2004 Order.
Please contact the Business Rates team on 01228 817234 If you wish to apply for this relief.
