Issue - meetings
National Non Domestic Rates
Meeting: 02/02/2017 - Cabinet (Item 142)
142 National Non Domestic Rates (2-48-16) 
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To receive a report of the Director of Finance, Assets and Resources 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 2017/18 from business rates).
Additional documents:
Minutes:
The Cabinet had before it a *report of the Director of Finance, Assets and Resources providing Members with an update on the income generation and financial implications of the number of Business Rate properties in Mid Devon and requesting it to approve the NNDR1 (estimated income to be generated in 2017/18 from business rates).
The Cabinet Member for Finance outlined the contents of the report explaining the business rates retention scheme, the new and old schemes, the central pooling that allowed county councils and district councils to join together to pool their growth and offset the growth of one area against a decline in another.
Consideration was given to :
· Relief for small businesses
· The changes made to the scheme by the Chancellor in the autumn statement as detailed in the report
· The re-evaluation scheme taking place
RECOMMENDATION to Council that:
a) The calculation of the NNDR1 net yield of £ 15.033m from 2887 Business Rated properties be noted and approved for 2017/18;
b) The proportions distributed to the respective authorities and central government be allocated as per the statutory regulations; and
c) Members note and approve 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.
(Proposed by Cllr P H D Hare-Scott and seconded by Cllr C R Slade)
Note: *Report previously circulated, copy attached to minutes.