What are the standard rate multiplier and small business rate multiplier?
The national non-domestic rating multiplier is the rate in the pound by which, outside the City of London where special arrangements apply, the rateable value is multiplied to produce the annual rate bill for a property. It is set annually by the Government and except in a revaluation year, cannot, by law, rise by more than the amount of the increase in the retail prices index.
To calculate the gross annual rates of a property, the rateable value is multiplied by the standard rate multiplier - a sum of money that changes from year to year.
As of 1 April 2024, the standard rate multiplier will be 54.6 pence in the pound.
Eligible small businesses will pay the small business multiplier 49.9 pence.
The standard multiplier is used for properties with a rateable value of £51,000 or above.
The small multiplier is used for all properties with a rateable value below £51,000.
You can find a list of current multipliers on the Gov.uk website.