单词 | rates |
释义 | rates A local-authority tax calculated as a poundage on the rateable value of property in the area of the rating authority. The poundage is fixed annually by the rating authority as the number of pence that must be paid for each pound of rateable value. Under the Rates Act 1984, the Secretary of State for the Environment is empowered to limit the rates a local council can charge ratepayers (a process known as rate capping). The rateable value (or net annual rentable value) is determined by the Board of Inland Revenue for each property by deducting, from the rack rent that the property would earn, certain allowable costs. Domestic rates were replaced in the UK by the community charge (see poll tax), which, in turn, was replaced by the council tax. See also: |
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