Business rates

This section provides information about business rates in the borough.

National Non-Domestic Rates, usually known as Business Rates, is a tax on all non-domestic properties and is the means by which businesses and others who occupy or own these properties contribute towards the cost of local services.

The Valuation Office Agency, a division of the Inland Revenue, is responsible for valuing non-domestic properties and assessing the rateable values.

The Government sets the 2 rates in the pound (the multipliers) each year and the rates bill is calculated by multiplying the rateable value of a property by the appropriate rate in the pound.

Following a revaluation (which takes place every five years), the amount payable may also be reduced or increased by the transitional scheme that phases in the effects of the new valuation.

Collecting

Local authorities like Reigate and Banstead are responsible for collecting the rates and passing this to the Government.

The proceeds are paid into the national rating pool by the Government and redistributed to local authorities on a formula basis to contribute to local government expenditure.