Issue - meetings

To consider a report from the Group Manager for Revenues and Benefits providing Members with an update of the income generation and financial implications of the number of Business Rate properties in Mid Devon and to approve the NNDR1 (estimated income to be generated in 2020/21 from business rates). The report will also include the introduction of the refreshed Business Rates Discretionary Relief Policy  

The Cabinet had before it a *report from the Group Manager for Revenues and Benefits providing Members with an update of the income generation and financial implications of the number of Business Rate properties in Mid Devon and to approve the NNDR1 (estimated income to be generated in 2020/21 from business rates). The report also included the introduction of the refreshed Business Rates Discretionary Relief Policy.

The Cabinet Member for Finance outlined the contents of the report informing the meeting of the statutory collection process for business rates, the estimated net yield from business rates for 2020/21 and how this was redistributed.  There would be no grant from the DCLG towards collecting the business rates but that the authority would continue to retain the income from qualifying renewable energy schemes.

Consideration was given to:

·         What qualified as renewable energy schemes

·         The business rates reserve

·         The Devonwide business rates pool

·         Discretionary relief

RESOLVED :

a)            That the calculation of the NNDR1 net yield of £15.600m from 3206 Business Rated properties be noted and approved for 2020/21;

b)            That the proportions distributed to the respective authorities and Central Government be allocated as per the statutory regulations; and

c)            That Members note that Central Government will reimburse the Council through a Section 31 grant to compensate it for the reduction in collectable business rates as a result of introducing reliefs;

d)            That the revised Business Rates Discretionary Relief Policy be approved.

(Proposed by Cllr A White and seconded Cllr G Barnell)

Note:  *Report previously circulated, copy attached to minutes.