Agenda item

To consider the changes to Business Rate Reliefs.

In the autumn statement, the Chancellor had announced changes to business rate reliefs

a)         to extend transitional relief for business rate payers with a 31st March 2010 rateable value of under £50,000, for a further 2 year, to 31st March 2017 and;

b)         to increase the maximum amount available for Retail Relief to £1,500 for 2015/16.

All other aspects of the scheme to remain unchanged.

As these were only temporary changes, the Government expected local authorities to grant the relief using their discretionary relief powers, under section 47 of the Local Government Finance Act 1988, as amended.  Both of these reliefs would help smaller businesses.

Central government had committed to fully reimburse local authorities for the cost of these reliefs by way of a section 31 grant provided they fulfil the Government’s criteria.

Resolved

i)          to grant a local scheme of discretionary relief under section 47 of the Local Government Finance Act 1988, as amended, to extend awards of transitional relief for properties with a rateable value of up to and including £50,000, from 1 April 2015 to 31 March 2017;

ii)         that the relief be calculated in accordance with Non-Domestic Rating (Chargeable Amounts) (England) Regulations 2009 No. 3343. i.e. In accordance with the rules existing as at 1 March 2015;

iii)        that any discretionary transitional relief granted be re-calculated in the event of a change to the rating list for the property concerned (retrospective or otherwise); and

iv)        to increase the amount of discount given in the Business Rates Retail Relief Scheme, as approved by the Council on 26th February 2014, to £1,500 per annum from the current £1,000 per annum, with effect from 1st April 2015.