Issue - meetings

75% Localisation of Business Rates 2019-20 Pilot Scheme

Meeting: 20/09/2018 - Cabinet (Item 28)

28 75% Localisation of Business Rates 2019-20 Pilot Scheme pdf icon PDF 126 KB

To receive the report of the Cabinet Member for Finance and Assets

Decision:

RESOLVED

 

That the submission of a bid to the Ministry of Housing, Communities and Local Government for the Council to take part in the 2019/20 pilot for 75% Business Rate retention be approved.

 

REASON

 

If taxation receipts grow faster than spending on additional responsibilities, a successful bid should result in a greater share of local taxation being retained in the area, for the benefit of residents and service users.

Minutes:

The Cabinet Member for Finance and Assets reported that, in 2018/19, all councils in West Sussex had agreed to submit a bid for 100% localisation of Business Rates.  Unfortunately, this bid had not been successful.

 

On 24th July 2018, the Ministry of Housing, Communities and Local Government had invited pilot bids for 75% localisation of Business Rates in 2019/20.  All the councils in West Sussex had again modelled detailed financial scenarios and were considering whether to submit a bid before the submission deadline of 25th September 2018.

 

Cabinet was therefore recommended to support the submission of a bid for 75% Business Rate retention in 2019/20.

 

RESOLVED

 

That the submission of a bid to the Ministry of Housing, Communities and Local Government for the Council to take part in the 2019/20 pilot for 75% Business Rate retention be approved.

 

REASON

 

If taxation receipts grow faster than spending on additional responsibilities, a successful bid should result in a greater share of local taxation being retained in the area, for the benefit of residents and service users.