The following changes were announced by Chancellor of the Exchequer at the 2014 Autumn Statement:
- The doubling of Small Business Rate Relief to be continued for the financial year 2015/16.
- Retail Rate Relief for shops, pubs and restaurants with rateable values below £50,000 increased so that up to £1,500 relief can be awarded for the financial year 2015/16.
- The extending of the existing transitional relief scheme for two years for properties with a rateable value up to and including £50,000. Properties in receipt of transitional relief in the current financial year, with a rateable value of less than £18,000, that would otherwise face demand increases above 15%, and medium sized properties with a rateable value of £18,000 to £50,000 that would otherwise face demand increases above 25%, will benefit.
- The government will change the rules so that alterations to rateable values by the Valuation Office Agency made before 1 April 2016, and as a result of ratepayers’ appeals made before 1 April 2015, can only be backdated to the period between 1 April 2010 and 1 April 2015.
The provisional multipliers for 2015/16 have been announced as:
- Provisional Non-Domestic Multiplier for 2015/2016 is 49.3p.
- Provisional Small Business Non-Domestic Multiplier for 2015/2016 is 48.0p
These figures take into account the 2% inflation increase cap announced in the Autumn Statement.