On 24th 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 25th 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.
Decision type: Key
Decision status: Recommendations Approved
Notice of proposed decision first published: 03/08/2018
Decision due: 3 Sep 2018 by Executive
Lead member: Executive Member for Policy & Resources
Lead director: Director of Finance & Resources