posted on 18 November 2009, updated on 18 November 2009
Communities and Local Government (CLG) has published details of the transitional relieve scheme and the provisional multipliers.
Having consulted on the options for the transitional relief scheme for the 2010 revaluation, CLG has now finalised the transitional arrangements for the 2010-2015. The scheme will cap increases to rates bills over a five year period and will be funded by capping reductions in other rates bills.
The chargeable amounts regulations which will bring these arrangements into effect are to be laid before Parliament shortly, with the intention that they coming into force before the end of December.
Details of the small business non domestic rating multiplier and the non domestic rating multiplier for 2010/11 have also been published.
The small business non domestic multiplier, which applies to those that qualify and successfully apply for the small business relief, will be 40.7p.
The non domestic multiplier, which includes the supplement to pay for the small business rate relief scheme, will be 41.4p.
These provisional multiplies will be confirmed after either the local government finance report for 2010/11 has been approved by Parliament or 1 March 2010.
Further detailed information is provided in the latest Business Rates Information Letter from CLG.