Issue - meetings
National Non Domestic Rates
Meeting: 01/02/2022 - Cabinet (Item 141)
141 National Non Domestic Rates (1-41-56) 
PDF 219 KB
To consider a report of the Deputy Chief Executive (S151) 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 2022/23 from business rates). This will ensure that the Council meets its statutory deadline for notifying Precepting Authorities and the Government by 31 January 2022 of their appropriate shares in accordance with the Non Domestic Rating (Rates Retention) Regulations 2013, following approval by Council.
Minutes:
The Cabinet had before it a *report of the Deputy Chief Executive (S151) 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 2022/23 from business rates).
The Cabinet Member for Finance outlined the contents of the report stating that this was a technical report to calculate the NNDR and allow for the distribution of funds.
RECOMMENDED to Council:
1. That the calculation of the NNDR1 net yield of £14,398,686 from 3,436 Business Rated properties is noted and approved for 2022/23;
2. That the proportions distributed to the respective authorities and Central Government be allocated as per the statutory regulations; and
3. 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 various reliefs.
(Proposed by Cllr B A Moore and seconded by Cllr C R Slade)
Note: *Report previously circulated, copy attached to minutes.