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In financial year 2014–15, authorities collected a total of £22.9 billion in business rates, representing 3.53% of the total UK tax income and achieving an average in-year collection rate of 98.1%. [4] On 1 April 2013 a new system of business rates retention began in England.
Business rates are collected throughout the United Kingdom. Domestic rates are collected in Northern Ireland and were collected in England and Wales before 1990 and in Scotland before 1989. Rates are usually paid by the occupier of a property, and only in the case of unoccupied property does the owner become liable to pay them.
Business rates is the commonly used name of non-domestic rates, a rate or tax charged to occupiers of non-domestic property. Business rates form part of the funding for local government, and are collected by them, but rather than receipts being retained directly they are pooled centrally and then redistributed. In 2005–06, £19.9 billion was ...
Business rates are calculated by the VOA, using a rental method to value high street businesses. Information on rents is gathered and analysed and the VOA works out a price for the rates per ...
Current business rates at Heathrow equate to £1.40 per passenger. Air fares will rise and some routes will be cancelled if Britain’s airports are hit with a £1bn increase in business rates ...
Big high-street shops and hotels are set to save millions from tumbling taxes as the Treasury unveiled a package of support on business rates in Thursday’s autumn statement.
The highest rate of income tax peaked in the Second World War at 99.25%. It was then slightly reduced and was around 90% through the 1950s and 1960s. [citation needed] In 1971 the top rate of income tax on earned income was cut to 75%. A surcharge of 15% kept the top rate on investment income at 90%.
The news comes after the Office for National Statistics recorded inflation at 10.1% last month.