To consider 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 2018/19 from business rates).
The Cabinet had before it a *report of the Revenues Manager 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 2018/19 from business rates).
The Cabinet Member for Finance outlined the contents of the report explaining that this annual report highlighted the forecasted annual amount of revenue that was expected to be generated from Business rates and how that money would be distributed. He highlighted the changes to the scheme announced by the Chancellor in the autumn of 2017:
· Central Government is to legislate to enable revaluations every three years following the next revaluation, currently due in 2022. To enable this, ratepayers will be required to provide regular information to the VOA on who is responsible for business rates and property characteristics including use and rent.
· From1 April 2018 the multiplier calculation will be based on CPI not RPI
· The Government will legislate to reverse the “Staircase tax” which was introduced as a result of recent case law. Many small businesses that lost Small Business Rate Relief as a result of the Court judgement will once again be entitled to SBRR.
· The Business Rate relief scheme for Pubs (up to £1,000 discount for public houses with a rateable value of up to £100,000) subject to state aid limits for businesses with multiple properties, for one year from 1 April 2018 will continue.
· The Discretionary Rate Relief scheme introduced from 1st April 2017 will continue for a further three years.
(Proposed by Cllr P H D Hare-Scott and seconded by Cllr R L Stanley)
Note: *Report previously circulated, copy attached to minutes.