About business rates

Business rates 2023-24

For this financial year, businesses in Kensington and Chelsea are expected to pay approximately £238.9 million, plus £7.4 million of Business Rate Supplement (BRS), a combined total of £246.3 million. Under the retained rates scheme, the Royal Borough is expecting to keep £56.6 million of this amount.

How your rates bill is calculated

Your gross annual rates bill is calculated by multiplying the rateable value of the property by the appropriate Government set multiplier.

For 2023-24, the multiplier is 51.2 pence or 49.9 pence if your business qualifies for small business rate relief.

The net rates bill may differ if you qualify for a:

• relief
• exemption
• discount
• or if transitional arrangements apply

Useful links

• Business and self-employed rates
• Business rates supplements including Crossrail
• Rateable values and appeals
• Revaluation and Transitional Relief
• Council Tax and Business Rates for 2023-24 and our performance plans