Rating Flashcards
What is the cost of proceeding to Tribunal?
£300. £150 for small proposers.
For small proposers, paying £150 for Tribunal, what is the criteria?
A staff headcount of less than 10 and a turnover of less than £2 million.
What is the Small Business Rates Relief scheme?
An RV of less than £15,000. Less than £12,000 = 100% relief. £15,000 - £12,001 tapers from 0 - 100%.
Can you still qualify for Small Business Rates Relief if you have more than one property?
Yes. If your other properties have a rateable value less than £2,900 and cumulatively they do not total more than £20,000 (£28,000 in London).
Does the RICS offer any guidance with Rating?
Yes within the Code of Practice for Rating Consultancy (4th Edition) March 2017.
What is a Completion Notice?
A mechanism within legislation (Section 46A of the Local Government Finance Act 1988) to prevent owners of newly constructed buildings avoiding the unoccupied rate by not finishing the works.
What was the Retail, Hospitality and Leisure Relief?
2020/21 - 100%, 2021/22 - 100% for 3 months, 66% thereafter, 2022/23 - 50%, 2023/24 - 75%.
What is the current multiplier?
Small - 0.499 Standard - 0.512 (has been since 20/21). In line with inflation.
What is Transitional Relief?
It limits how much your rates bill can change each year as a result of a revaluation.
What is the arrangement for transition for 2023/24?
Increases up to £20,000 RV (£28,000 in London) = 5%. Increases up to £100,000 = 15%. Increases over £100,000 = 40%. There is no downwards transition for the 2023 Rating List.
