Rateable values are reassessed every five years and the latest
revaluation came into effect on 1 April 2010.
The purpose of the revaluation to ensure rateable values are
based upon up-to-date rental values. Therefore rateable values -
and rates bills - for some properties may rise or fall.
Following the 2010 revaluation, special transitional
arrangements were put in place which will phase in
any significant increases or decreases in a business rates
bill over the next five years.
Any transitional relief you are entitled to is automatically
shown on your rates bill, you do not have to apply for it.
The transitional arrangements do not cover increases from
inflation or changes in the rateable value because of changes to
the property, eg an extension.
The tables below shows the set limits on the percentage by which
your rates bill can increase or
decrease each year, prior to inflation.
Limits on the percentage by which your rates bill can
increase
| Year |
Small property |
Large property |
| 2010/11 |
5% |
12.5% |
| 2011/12 |
7.5% |
17.5% |
| 2012/13 |
10% |
20% |
| 2013/14 |
15% |
25% |
| 2014/15 |
15% |
25% |
Note: small properties are defined as those
properties with rateable values below £25,500 in Greater London or
£18,000 elsewhere.
Limits on the percentage by which your rates bill can
decrease
| Year |
Small property |
Large property |
| 2010/11 |
20% |
4.6% |
| 2011/12 |
30% |
6.7% |
| 2012/13 |
35% |
7% |
| 2013/14 |
55% |
13% |
| 2014/15 |
55% |
13% |