1st April 2017.
The countdown has begun.
Days : Hours : Minutes : Seconds
The Uniform Business Rate (UBR) is the multiplier which is used to calculate the rates payable from the applied Rateable Value. The following multipliers have been confirmed for 2016/17 and 2017/18 periods.
The small business non-domestic multiplier for 2016/17 is 48.4p
The non-domestic multiplier for 2016/17 is 49.7p
The small business non-domestic multiplier for 2017/18 is 46.6p
The non-domestic multiplier for 2017/18 is 47.9p
In the 2016 Autumn Statement, the Chancellor confirmed plans for transitional relief; relief designed to offset any major increases or decreases in rates payable following changes to Rateable Values. It is automatically added to the rate bill and where appropriate, phased in or out over time.
Businesses have endured artificially high bills during 2015/2016 following the Government’s controversial decision to postpone the Revaluation in 2015. Large businesses that have seen their tax assessments fall by over 25.2% will never see the full benefit of their new tax assessment, even at the end of the 5 year cycle. Next year’s downward cap has been set at a maximum of 4.1%, clearly at odds with Government’s desire to rebalance the economy.
A slight reduction was confirmed in the upwards cap for large premises next year (17/18) from 45% to 42% despite, during the last 3 Revaluations, the upward cap for increases being limited to 12.5%.
Following the DCLG consultation on Transitional Relief arrangements, 92% of business ratepayers who responded said they did not approve of the proposed, and now confirmed, scheme for transitional relief.
The Department for Communities and Local Government (DCLG) consultation response paper stated that “This transitional relief scheme will be worth £3.6bn over 5 years. For those ratepayers facing increases, London will benefit more than anywhere else in the country from the transitional relief scheme.”