The September RPI was released yesterday, this is likely to set the new non-domestic rating multipliers for 2014/15. The Retail Price Index annual inflation stands at 3.15% in September 2013.
The provisional 2014/15 lower UBR is 0.476p.
Assuming the supplement remains the same at 0.009p the provisional 2014/15 upper UBR is 0.485p
Last year Scotland used the same value for England, we suspect that this will remain in tandem.
Based on this RPI, the provisional UBR for Wales is 0.479p.
Although these increases are no surprise, it will be a further blow to businesses who are already struggling under an ever increasing rates burden says Howard Elliott, Head of BDT’s Rating Department.
More may be revealed in the Chancellor’s Autumn Statement due on 5th December 2013, but the figures should be regarded as provisional until they receive Royal Assent early next year.
16th October 2013