We work out a rates bill by multiplying the rateable value of the property by the multiplier or ‘poundage’ which the Government sets from 1 April each year for the whole of England.
The Government normally changes the multiplier every year to move in line with inflation. By law, the multiplier cannot go up by more than the rate of inflation, except in the year of a revaluation when it is set at a level which will keep the total amount raised after the revaluation the same as before, plus inflation for that year. Such a revaluation came into effect from 1/4/2005.
The standard multiplier for 2008/09 is 46.2p in the £
There is also a lower multiplier of 45.8p in the £ for businesses that qualify for Small Business Rate Relief.
More information about Small Business Rate Relief.