17 May 2012
The Department has today published on its website, statements of intent setting out further detail on how the business rates retention scheme will operate including plans for regulations, and a prospectus on pooling.
The statements of intent are intended to provide clarity on how the central and local shares of business rates will operate, the proposed safety net threshold and levy rate and how we will meet our policy that business rates paid in respect of renewable energy projects should be kept in full by the local authorities for that area. In particular, I would like to draw your attention to the announcement that the local share has been set at 50% and that the safety net threshold will be between 7.5% and 10%, funded by a 1:1 proportionate levy on disproportionate gain.
The documents can be found here. Further detail on business rates retention scheme will be included in a summer consultation later this year.
http://www.communities.gov.uk/localgovernment/localgovernmentfinance/lgfinancebill/
http://www.communities.gov.uk/publications/localgovernment/businessrateseconomic
We have also launched our pooling prospectus and have invited authorities to come forward with proposals to pool their business rates by 27 July 2012.
http://www.communities.gov.uk/publications/localgovernment/businessratespooling
The Department has alsotoday published on its website statements of intent setting out its plans for regulations providing for localised council tax schemes in England, and a consultation on funding arrangements, and can be found here.
http://www.communities.gov.uk/localgovernment/localgovernmentfinance/lgfinancebill/
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