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Consultation business rates revaluation support

The Government has announced a fund to help businesses with their business rates in 2017/18.

In the Spring Budget the Government announced a discretionary fund over four years from 2017/18 to support those businesses that face the steepest increases in their business rates bills as a result of the 2017 revaluation. Local councils are to develop their own discretionary relief schemes to deliver support to ratepayers.

To allocate the resource between authorities the Government has assumed that councils will provide support only to those ratepayers who are facing an increase in their bills following revaluation – and have made this a condition of the grant.

The City of London’s proposed scheme has been approved by Finance Committee.  Details are contained in the report to Committee on 12 September 2017.

Billing authorities must consult their major precepting authorities; in the City’s case this is only the Greater London Authority (GLA). The GLA has been consulted on the City’s proposed scheme and has responded that

“it is content to endorse the broad approach that the City of London intends to adopt to distribute its discretionary relief funding allocation for 2017-18 as this targets support at firms facing the highest increases in business rates liabilities;….. reflects the unique circumstances of the City of London, which has a large number of properties subject to the medium and large transitional relief caps;……… ensures that support is provided to a variety of different types and sizes of business across the City, rather than being concentrated on specific localities or sectors”

Comments

If you have any comments on this proposal you can respond by email to chb.revenues@cityoflondon.gov.uk using "Business Rates Revaluation Support Consultation" in the subject heading of your email.

You can also send your response in writing marked "Business Rates Revaluation Support Consultation"  to 

City Revenues
City of London Corporation
PO Box 270
Guildhall
London EC2P 2EJ

This consultation will close on 12 October 2017.

Please note that if you think that you are eligible for relief in accordance with the proposed scheme, you need take no further action as an application form will be sent to you.


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