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I can't find an answer for this anywhere...

If a business property is rated at £10k and we figure out the business rates as such: 
£10,000 (rateable value) x £0.462p (multiplier) = £4,620 (basic business rates) (ignoring any deductible allowances)

If two businesses move in to that property, when allowed by the landlord, and have 50% of the property each, how are the business rates calculated?

Would you divide the business rates for the property by the number of businesses? (£4,620 / 2 = £2,310) £2,310 business rated to be paid by each business.

Or would you take the original rateable value and divide that by 2? (£10,000 / 2 = £5,000 * £0.462p = £2,310) Now £2,310 is under the £6,000 small business allowance, £0 would be paid.

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