IRRV Alert - The Rating Surveyors Association / Autumn Statement & spending review - initial extracts of interest

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The Rating Surveyors Association / Autumn Statement & spending review - initial extracts of interest

 

 

 

 

 

Dear Member

Chancellor’s Autumn Statement 25-11-2015 – extracts from measures of initial interest to us – doubtless more will be revealed over time.

”The government is creating 26 new Enterprise Zones, including expanding 8 Zones on the current programme. These include 15 Zones in smaller towns and rural areas, spreading Enterprise Zone benefits to 108 sites across the country. This is in addition to the two announced earlier this year. The government will provide feedback to Local Enterprise Partnerships on unsuccessful applications and, where possible, the government will work with them to consider how the proposals could be improved. Since their start in April 2012, Enterprise Zones have laid down the foundations for success for 540 businesses, attracting over £2.2 billion pounds of private sector investment, building world class business facilities and transport links and attracting 19,000 jobs. ”

Local government reform:“The devolution revolution sets out a new deal for local government. It requires local authorities to make efficiency savings, but in return offers them unprecedented new levers of power to generate growth for their area. The government will allow local government to keep the rates they collect from business, give councils the power to cut business rates to boost growth, and give elected city-wide mayors the power to levy a business rates premium for local infrastructure projects – with the support of local business.

By the end of the Parliament local government will retain 100% of business rate revenues to fund local services, giving them control of £13 billion of additional local tax revenues, and £26 billion in total business rate revenues. 82 The system of top-ups and tariffs which redistributes revenues between local authorities will be retained. The Uniform Business Rate will be abolished and any local area will be able to cut bus iness rates as much as they like, to win new jobs and generate wealth. Fixing the current broken system of financing local government will strengthen incentives to boost growth, help attract business and create jobs.

Elected city-wide mayors will be able to add a premium to business rates to pay for new infrastructure, provided they have the support of the local business community through a majority of business members of their Local Enterprise Partnership”.

and:

”To support local authorities to deliver more efficient and sustainable services, the government will allow local authorities to spend up to 100% of their fixed asset receipts (excluding Right to Buy receipts) on the revenue costs of reform projects. Instead of holding assets that could be made surplus, councils will be able to sell them and reinvest in their services that allow them to deliver more for less – for example in home improvements that can help keep older people from needing to go to hospital.”

See para 8.2 ‘English Devolution’ at https://www.gov.uk/government/publications/spending-review-and-autumn-statement-2015-documents/spending-review-and-autumn-statement-2015#fnref:95

Also “Small Business Rate Relief (SBRR) – The government will extend the doubling of SBRR for a further year from 1 April 2016.”

Regards

Richard Guy / HCO Rating Surveyors’ Association / Email to Members 25-NOV-2015

enquiries@ratingsurveyorsassociation.org/

 


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