We calculate a property’s rate bill by multiplying its rateable value by a set amount. This amount is called the ‘rating multiplier’.
The multiplier is set by the National Assembly for Wales every year. It cannot rise by more than the rate of inflation (except in a revaluation year).
The multiplier for each financial year is shown below:
If the rateable value of your business is £15,000, you would use the 2017–18 multiplier (49.9p) to estimate your business rates as follows:
£15,000 (rateable value) x £0.499p (multiplier) = £7,485
This is the gross liability, before any reliefs are applied.
|Financial year||Multiplier (pence in the pound)|