§ Mr. HansonTo ask the Secretary of State for Wales what assessment he has made of the effect of rating revaluation on small business in Wales. [16933]
§ Mr. RedwoodThe 1995 rating revaluation has resulted in an estimated average increase in Welsh rateable values of 18 per cent. which, under the statutory formula, means a reduction in the poundage from 44.8p to 39p. For properties with a 1995 rateable value below £10,000, the average increase in rateable value is 28 per cent. Transitional arrangements limit increases in bills for premises with a rateable value less than £10,000 to 7.5 per cent. a year in real terms. This compares with 10 per cent. in real terms for premises with a rateable value of £10,000 or more.