New Rating Multiplier - subject to House of Commons resolution.
The Draft Local Government Finance Act 1988 (Non-Domestic Rating Multipliers) (England) Order 2019 was laid on 4 November, setting in place the value of B for the purposes of calculating the small business non-domestic rating multiplier. For the purposes of paragraph 3 of Schedule 7 to the Local Government Finance Act 1988, B is specified as 288.7 for the financial year beginning on 1st April 2020. This is lower than the rate using the published CPI index figure and presumably was a decision based on seeking to maintain a multiplier at a level which would result for small businesses below 50p in the pound. The Value of B has resulted in a small business non-domestic rating multiplier of 49.9p. With a small business supplement of 1.3p, the standard multiplier will be 51.2p. The Order will only come into force if it is approved by resolution of the House of Commons before the House approves the local government finance report for 2020-21. One should also bear in mind that it will be very much depend on the colour and policy position of a new Government post the General Election on 12th December 2019. The full Order can be accessed at http://www.legislation.gov.uk/uksi/2019/9780111191422/made