Non Domestic Rates

Business rates are calculated by taking the Rateable Value(RV) of a property and multiplying it by the non domestic rates "multiplier" or "poundage" for the year in question. The Valuation Office Agency (VOA) who are independent of the Assembly, value properties for the purposes of charging business rates and assign the Rateable Values. The Assembly sets the multiplier each year and it changes every year to move in line with inflation. The multiplier for the financial year 2010-11 is 0.409. There are various rate relief’s available which can help to reduce a businesses rates bill. The Assembly pays 100% of all mandatory rate reliefs and a %, in some cases up to 90% of discretionary reliefs. A business can appeal against its Rateable Value if it thinks this is incorrect.

All business rates are collected and paid in to the Assembly’s non domestic Rates Pool. They are then redistributed back to local authorities as part of the Local Government Revenue Settlement each year.

Want to know more?

Use the following links:-

mybusinessrates.gov.uk/wales (external website) is a Government-funded site, designed to provide businesses with a single source of clear and concise information on business rates

The Valuation Tribunal Service in Wales (external website)