Agenda item

That the ‘Business Rates Relief – Extension of Transitional Relief for 2015-16 and 2016-17’ policies, as detailed in Appendix A to the report, be approved.

The Assistant Director Finance & Audit introduced a report which sought approval of a new policy in relation to Business Rates collection to extend Transitional Relief for small and medium sized businesses for 2015/16 and 2016/17.

Transitional relief limited the amount by which a business’ rates could be increased or decreased following a revaluation and the policy was required as the existing Transitional Relief scheme would end on 31^st March 2015.  The Chancellor had announced arrangements in his Autumn Statement for Council’s to use their powers under section 47 of the Local Government Finance Act 1988 to award discretionary relief to such businesses as if the expiring scheme had been extended.  The amount of relief awarded by the Council would be paid back as a section 31 grant.  The relevant legislation had been amended to give this change effect and the Council needed to adopt a policy to deliver the scheme.

After due consideration, the Cabinet agreed to approve the policy as set out in Appendix A to the report.

Resolved –  That the ‘Business Rates Relief – Extension of Transitional Relief for 2015-16 and 2016-17’ policies, as detailed in Appendix A to the report, be approved.