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Trend of changes in business rateable value (4144) Metric type
- Help text
- Change in business rate taxbase over a period of time: Business rates buoyancy
The principle and logic are similar to the council tax buoyancy indicator. This is a measure of relative economic growth in the recent past and the assumption is that this is a momentum indicator – growth is more likely to continue where it is already taking place.
There is a risk that this indicator is affected by large one off developments or valuation appeals, especially in smaller authorities.
Caclulated using CIPFA revenue collection statistics for 1 April 2002 is the base.
Non-domestic rateable properties (known as “hereditaments”) fall either into a local rating list or the central rating list. There is a single local rating list for each billing authority in England and Wales, and two central rating lists, one for England and one for Wales. The majority of rateable value is contained in local rating lists (over 95% across England and Wales). The central list is smaller and contains the rating assessments for the network property of major transport, utility and telecommunications undertakings and cross-country pipelines.
The Valuation Office Agency (VOA) is required, by the Local Government Finance Act 1988, to compile (and maintain) rating lists specifying a rateable value for all non domestic rateable properties in England and Wales. These rateable values provide the basis for national non-domestic rates bills, which are issued by local authorities.
The current rating lists came into effect on 1 April 2010. New lists are usually compiled every five years containing updated rateable values. However, the next revaluation will be with effect from 1 April 2017. This figure is an index,rather than a percentage change. An index number is an economic data figure reflecting price or quantity compared with a standard or base value, which in this case is the base year 2002. The base usually equals 100.
- Modified
- 11 Nov 2020
- Data last updated
- 30 Jun 2022
- Short label
- Trend of changes in business rateable value
- Status
- Live
- Output precision
- 2
- Polarity
- a high value is good
- Measure
- Index
- Dataset
- Financial Sustainability Analysis
- Collection
- Financial Sustainability Analysis
- Source
- Local Government Association
- is found in the following lists
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