2011/12 Uniform Business Rate Announcement
Posted on 10/12/10
Yesterday's announcement by John Swinney was disappointing and once again avoided any budget guidance in terms of next year's Uniform Business Rate (UBR). Currently set at 40.7p , this is estimated to rise next year to 42.6p in line with England. The UBR is the rate by which your Rateable Value is multiplied to calculate your annual rates charge and is set annually.
The Minister did confirm as with 2010/11, a 0.7p supplement will be added to the UBR to all properties in Scotland with Rateable Values greater than £35,000 for 2011/12. Until the UBR is announced you can use our <a target="_blank" href="http://www.jamesbarr.co.uk/page/Services_Calculator.aspx"><strong>Rates Calculator</strong></a> to calculate your estimated rates liability for 2011/12.
The keynote was confirmation that all large retailers with a Rateable Value over £750,000 would be hit with a Supplementary charge aimed at raising a further £30m from commercial rates. This will require legislation to be passed before Councils can levy this surcharge and in the face of anticipated resistance from the Retailers, there is a risk that the Ministers will look to other sectors to spread the effect of this surcharge. The good news from the statement is that empty property rates relief and small business relief will be maintained at the present levels in Scotland. We will of course keep you advised.
We will be closely monitoring this situation and will alert you to any changes leading up to the new financial year in April 2011.
For more information, please contact Steven Dalton