Become a KCCC Member
EXECUTIVE SUMMARY
1.1 The Council collects National Non-Domestic Rates (NNDR) from 8,970 non-domestic properties. Following the revaluation of all non-domestic properties in England which came into effect on 1 April 2017, the total amount of rates payable for the Council’s properties increased from £298 million in 2016/17 to £348 million in 2017/18 an increase of 16.8 per cent and is estimated to increase to £370 million in 2018/19 an increase of 6.3 per cent.
1.2 In its 2017 Spring Budget, the Government announced a £435 million package of support for ratepayers over the next five years. £300 million of this funding is for Council’s to deliver their own local discretionary business rate relief schemes to help ratepayers facing increases in their bills as a result of the revaluation. The Royal Borough’s funding for its local discretionary scheme for 2018/19 is £1.368 million.
1.3 Any funding for the 2018/19 scheme that remains unspent at 31 March 2019 will have to be returned to the Government. It is therefore important that the agreed scheme is designed so that as much of the £1.368 million funding is distributed as possible.
1.4 I am writing to seek your approval for the local discretionary business rate relief scheme for 2018/19.
To read the full report pleaase see the attached file.A5 - Local Discretionary Business Rate Relief Scheme 2018-19.pdf
1.1 The Council collects National Non-Domestic Rates (NNDR) from 8,970 non-domestic properties. Following the revaluation of all non-domestic properties in England which came into effect on 1 April 2017, the total amount of rates payable for the Council’s properties increased from £298 million in 2016/17 to £348 million in 2017/18 an increase of 16.8 per cent and is estimated to increase to £370 million in 2018/19 an increase of 6.3 per cent.
1.2 In its 2017 Spring Budget, the Government announced a £435 million package of support for ratepayers over the next five years. £300 million of this funding is for Council’s to deliver their own local discretionary business rate relief schemes to help ratepayers facing increases in their bills as a result of the revaluation. The Royal Borough’s funding for its local discretionary scheme for 2018/19 is £1.368 million.
1.3 Any funding for the 2018/19 scheme that remains unspent at 31 March 2019 will have to be returned to the Government. It is therefore important that the agreed scheme is designed so that as much of the £1.368 million funding is distributed as possible.
1.4 I am writing to seek your approval for the local discretionary business rate relief scheme for 2018/19.
To read the full report pleaase see the attached file.A5 - Local Discretionary Business Rate Relief Scheme 2018-19.pdf