Business rates (2)

Meeting: 
MQT on 2018-11-22
Session date: 
November 22, 2018
Reference: 
2018/3220
Question By: 
Andrew Dismore
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What is the total number of London's businesses that have a rateable value under £51,000? Please break this down by size of business?

Answer

Business rates (2)

Business rates (2)

Answered By: 
The Mayor

The GLA does not hold this data in the format requested.

 

Business rates valuations and the preparation of the valuation list are the responsibility of the Valuation Office Agency. Billing authorities will hold data on individual ratepayers liable to pay business rates bills – as opposed to the number of businesses by sector – but a summary analysis of this information is not publicly available.

 

The relief scheme announced in the Budget in any case only applies to retailers and related businesses such as pubs, cafes and restaurants. So this information would not assist in determining how many companies will benefit from the scheme.

 

The GLA is able to estimate that there were over 240,000 hereditaments in London on the draft 2017 rating list with a rateable value below £51,000 – equivalent to more than 75% of assessments on the local rating list. However, this will include assessments such as parking spaces, mobile phone masts, advertising rights as well as offices, industrial and manufacturing premises and public sector buildings which are not eligible for the new retail relief scheme. Similarly it will include retail premises likely to be ineligible for the relief due to state aid limits.

 

The most recent retail relief scheme in 2015-16 – which offered a discount of £1,500 to eligible properties with a rateable value below £51,000 on the previous 2010 rating list – was only taken up by around 45,000 retail businesses in the capital. This is equivalent to less than 20 per cent of the number of hereditaments on the 2017 list with a rateable value below £51,000.