Collins COBUILD Advanced Learner's English Dictionary - rate-cap

(rate-caps, rate-capping, rate-capped) 1. In Britain, when a local council was rate-capped, the government prevented it from increasing local taxes called rates, in order to force the council to reduce its spending or make it more efficient. Notts County Council is to cut 200 jobs in a bid to escape being rate-capped. VERB: usu passive, be V-ed • rate-capping The project is seriously threatened by rate-capping. N-UNCOUNT 2. A rate cap is a limit placed by the government on the amount of interest that banks or credit card companies can charge their customers. (AM) N-COUNT