Business Rate Supplements Bill
21st July 2008
The purpose of the Bill is to give upper tier local authorities (County Councils, Unitary Authorities and, in London, the Greater London Authority) the power to levy a local supplement on the business rate and retain the proceeds for economic development.
The main elements of the Bill are:
- Creating a new power for upper tier local authorities to levy a local supplement on the business rate and to retain the proceeds for investment in that area;
- Providing safeguards for business, including: a requirement that proceeds should be spent on economic development; the need for consultation and, in certain circumstances, a ballot of businesses that would be affected; a national upper limit to the levy of 2p per £1 of rateable value; an exemption for all properties with a rateable value of £50,000 or less;
- Flexibility for authorities to: decide the duration of the supplement; reduce liability for the supplement for properties above the £50,000 threshold; and to decide whether to offset Business Improvement Districts levies against liability for the supplement.
Consultation responses are due by 6th August 2008
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