City Corporation to launch new Covid-19 Recovery Grant Scheme for Square Mile SMEs
How your bill is calculated
Your bill is calculated by multiplying the rateable value by the rating multiplier and then adjusted to take account of transitional arrangements.
For 2021/22, the Government has set two multipliers: the Small Business Non-Domestic Rate Multiplier of 0.499 and the National Non-Domestic Rate Multiplier of 0.512. The City's multipliers have been set at 0.507 (50.7p in the £) for small businesses and 0.520 (52p in the £) for other businesses. These are comprised of the multipliers set by the Government and a premium of 0.008 levied to provide additional funding for the Police Service, security, resilience and contingency planning in the City.
Business rates supplement
The Greater London Authority is levying a business rate supplement of £0.02 is on all properties with a rateable value of more than £70,000, in relation to its contribution to the Crossrail project.
Further information is available from Greater London Authority's Funding for Crossrail.
Transitional arrangements phase in the effect of significant changes in liabilities that arise from the 2017 revaluation of non-domestic property. Where appropriate, these arrangements will operate until March 2022. There are limits on the percentage by which bills may increase or decrease each year. Special rules deal with changes in rateable values and the merge or splitting of existing properties.
Further information is available on the Ministry of Housing Communities and Local Government website.