Decision details

Report from the Deputy Chief Executive (S151) providing first quarter data in relation to Mid Devon being a trial area for the retention of Business Rates.

The Committee received and NOTED a briefing from the Group Manager for Finance in relation to Mid Devon being a trial area for the retention of Business Rates.

She outlined the scheme which was introduced by Central Government and how it had evolved over time. She provided further clarification on:

·         Authorities had to bid to be accepted on the scheme

·         Changes in the scheme since 2014

·         Council was in a pool with other authorities in Devon

·         Planning commission for 100% renewable schemes

She further explained that the Devon bid for 2019/2020 was unlikely to be successful as the Government had already awarded the scheme to the Greater London Authorities and that the Council had budgeted for this.

In response to a question about where the money from Business Rates was being spent she explained that the monies were not ring fenced for particular projects but any additional funds from economic growth would be spent on economic development. By growth she meant by new businesses or existing businesses expanding.

In response to members questions she confirmed that business rates values were reassessed in 2017 and that businesses could ask for a re-evaluation at any time. She explained that many businesses in the district had received a grant to offset the increases in business rates and were likely to appeal when they were subjected to the full costs.

At a request from members the Deputy Chief Executive (s151) said he would provide details of the number of properties in Mid Devon who would be eligible for the small business discount.