Non Domestic Rates Discretionary Revaluation Relief Scheme Consultation
From 1st April 2017, all commercial buildings and offices in the borough have been given a new rateable value which is used to calculate the amount of business rates a business occupying that space has to pay. This process is known as revaluation and is controlled by the Government. In this year’s Budget, the Government announced £300 million for local councils to finance business rates relief for discretionary revaluation support. The Government’s extra funding will only support relief schemes targeted at businesses facing an increase in their business rate bills following the 2017 revaluation.
A draft policy consultation ran from 20th July to 19th August 2017 and responses will inform the future scheme to be finalised by October 2017.