Decision details

On 24^th July, the Government published an invitation to Councils to apply to participate in a 75% business rate retention pilot scheme, with bids to be submitted to Government by 25^th September.  The scheme is designed to give local authorities greater control over money raised locally and increase the overall level of business rates retained by local government.

This report sets out the proposal for the Council to participate in the 75% business rates pilot collaboratively with other councils in Hampshire. The pilot is an opportunity for councils to retain a greater share of business rate growth in their area but they will also be exposed to a higher level of business rate risk in 2019/20

The pilot will help inform the Government on how different local arrangements, including governance and information systems, work in relation to 75% business rates retention, in order to introduce the reforms across local government in 2020/21

Discussions with other Hampshire councils have been positive to date and each council will consider if they wish to submit a joint bid to Government.  It is likely that a joint county and all districts bid would be seen more positively from Government when assessing bids.

RESOLVED that the Executive:

(a)  agrees in principle to participate in the submission bid for Fareham to be part of a Hampshire-wide 75% business rate retention pilot; and

(b)  delegates the agreement of the final submission to the Leader and the Director of Finance and Resources.