Business rate reductions and exemptions
Small businesses rate relief
Small business rate relief usually stands at 50 per cent for ratepayers occupying single properties with a rateable value of up to £6,000, with relief decreasing in percentage terms up to a rateable value of £12,000.
From the financial year 2013/2014, the government doubled the amount of relief available, meaning ratepayers occupying single properties with a rateable value of up to £6,000 can claim 100 per cent relief.
Relief can only be claimed by ratepayers with:
- one property, or
- one main property and other additional properties providing those additional properties have rateable values less than £2,599.
The rateable value of the single property or the aggregate rateable value of all properties must be less than £18,000.
Ratepayers must apply for small business rate relief and must be eligible on the 1 April each year. Provided the ratepayers circumstances do not change, the application need not be renewed until the next revaluation of non-domestic properties in 2017.
If a ratepayer ceases to be eligible on a day during the year, the relief stops immediately.