Skip to content

Minister Announces Business Rates for 2007-08

Local Government and Finance Minister, Sue Essex announced today that business rates for 2007-08 will be pegged in line with inflation.

The Minister said

"It is good news for businesses across Wales that their rate bills will be pegged to inflation with the poundage set at 44.8p. An estimated £791 million will be collected from businesses and this will redistributed to councils and police authorities to help meet the cost of the services that they provide."

Note:

Business rates are calculated by multiplying the rateable value of a property by a factor known as the uniform business rate or poundage (rate in the pound) set annually by the Assembly.  

Business rates collected are pooled and redistributed to councils and police authorities to help meet the costs of the services that they provide.  The total amount to be redistributed to councils and police authorities is known as the distributable amount.  It is calculated on the basis of the national total of rateable value (adjusted to reflect the effects of appeals against rateable values) and the poundage, taking account of any surplus or deficit carried forward from previous years.