These Regulations provide for rate relief in respect of certain small business hereditaments for any financial year ending before 1st April 2015.

Regulation 3 applies to business hereditaments which are wholly occupied, are not an excepted hereditament (as defined) and which are not, in whole or in part, used as a post office. Where the net annual value of such a hereditament does not exceed £2,000, the rates payable are reduced by 50% and where the net annual value of such a hereditament exceeds £2,000 but does not exceed £5,000, the rates payable are reduced by 25%.

Regulation 4 applies to hereditaments the whole or any part of which is used as a post office. Where the net annual value of such a hereditament does not exceed £9,000, no rates are payable and where the net annual value of such a hereditament exceeds £9,000 but does not exceed £12,000, the rates payable are reduced by 50%.

Regulation 5 provides that the reductions under regulations 3 and 4 apply only to the extent that they do not contravene the State Aid rules of the European Community.

Regulations 3, 4 and 6 provide that where rates are payable by the owner rather than the occupier of a small business hereditament, the reduction of rates is conditional on the owner applying the amount of the reduction for the benefit of the occupier.