| Business rates | Non-domestic rates. |
| Billing authorities | Those local authorities responsible for the collection of non-domestic rates and council tax. |
| Hereditament | Property which is or may become liable to business rates, and thus appears on a rating list, compiled and maintained by the Valuation Office Agency of HM Revenue and Customs. |
| Levy | A charge on the potential disproportionate growth some local authorities may gain as a result of rates retention. |
| LGFA 1988 | Local Government Finance Act 1988. |
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| LGFA 1992 | Local Government Finance Act 1992. |
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| Local Government Finance Report | The annual determination, by affirmative resolution of the House of Commons, in respect of the following year of the central and local share, payments in connection with local retention of non-domestic rates and the amount of Revenue Support Grant (if any). |
| Major precepting authorities | An authority that exercises local government functions but does not collect non-domestic rates or council tax itself (for example, a county council in an area where there is a district council, or a combined fire authority). |
| Non–domestic rates | A tax charged on non-domestic property properties (also known as business rates). |
| Revenue support grant | A general grant given by central government to local authorities. |
| Safety net | A protection within the rates retention scheme which provides local authorities with protection against a decline in retained income relative to the individual authorities’ baseline funding level. |
| Transitional relief | Transitional relief is designed to reduce the impact of any significant changes in the rateable value - whether the change is up or down – by limiting the percentage a non-domestic rates bill can be increased or decreased each year following revaluation, until the bill reaches the amount it would have been on revaluation. |