Introduction to Business Rates
Business Rates are a tax based on the occupation of commercial property. The rates you pay are derived from a hypothetical rental valuation of the property you occupy. This valuation is known as the Rateable Value.
The Rateable Value is broadly intended to represent the Market Letting Value of the property at a specified date, subject to the rating hypothesis. For the 2005 rating list that date is 1 April 2003.
We are currently in a 5 year revaluation cycle for Business Rates. The current ‘Rating List’ became effective on 1 April 2005.
There are over 1.5 million assessed properties or ‘hereditaments’ in England and Wales. The Valuation Office, which is part of the Inland Revenue, is responsible for creating the valuations.