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[29] [30] In financial year 2014–15, authorities in England 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] For 2016/17 the multiplier is 49.7 pence and the small business rate multiplier is 48.4 pence.
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.
The sector contributed a gross value of £86 billion to the UK economy in 2004. [3] The industry employed around 1.2 million people in the third quarter of 2012 (around 4% of the British workforce). The estimated amount of total taxes paid by the Financial Services Sector in the year to 31 March 2012 is £63bn, 11.6% of the total UK government ...
Business rates is the commonly used name of Non-Domestic Rates in Scotland, [1] a tax on occupation of non-domestic property. Rates are a property tax used to fund ...
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The Bank of England acts as the UK's central bank, influencing interest rates paid by private banks, to achieve targets in inflation, growth and employment. The Bank of England was originally established as a corporation with private shareholders under the Bank of England Act 1694, [1] to raise money for war with Louis XIV, King of France.
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