Business Rates or The Non-Domestic Rates are collected by local councils and are the means by which businesses and others who occupy non-domestic property make a contribution towards the cost of local services.The exception is the City of London where special arrangements apply. The rates are pooled by central government and distributed to local councils according to the number of people living in the area. This money, together with revenue from Council Tax, Revenue Support Grant and certain other sums is used to pay for our services.
Business Rates was introduced on the 1 April 1990 by the Local Government Finance Act 1988 replacing Commercial General Rates.
Apart from properties that are exempt from Business Rates,each non-domestic property is given a Rateable Value. This is normally set by the Valuation Officers of the Valuation Office Agency (VOA) which is an agency of the Inland Revenue. The Agency draws up and maintains a full list of rateable values.
The rateable value of a property is shown on the front of a Business Rates Bill and is also available on the Valuation Office website(details given below).
The Rateable Value broadly represents the yearly rent the property could have been let for on the open market on a particular date.
A revaluation of all rateable values is carried out every 5 years, so the date above changes with each revaluation as detailed below:
- The Revaluation starting 1 April 1990 was set as at 1 April 1988.
- The Revaluation starting 1 April 1995 was set as at 1 April 1993.
- The Revaluation starting 1 April 2000 was set as at 1 April 1998.
- The latest Revaluation starting 1 April 2005 was set as at 1 April 2003.
To find out more details regarding rateable values you can contact the VOA at:
Manchester Group Valuation Office Agency
Portland Tower
Portland Street
Manchester
M1 3LD
Tel: 03000 503 600
or visit their website: www.voa.gov.uk/
