Consultation on Business Rates Relief in Haringey - Revaluation Support
- This consultation is now closed
Haringey Council consulted with residents, businesses and the Greater London Authority on developing a new business rates relief scheme for ‘revaluation support’.
The consultation ran from 13 April 2017 to 17 May 2017, and the results will be available here as soon as possible.
What we consulted on
The Government have undertaken a national revaluation of all commercial premises. From 1 April 2017, all premises will have been assigned a new ‘rateable value’ used to calculate business rates bills. The last time there was a revaluation was in 2010.
The revaluation has resulted in the business rate bills charged on many businesses and companies in Haringey increasing significantly. Business rate bills have increased on average by 20-30% for most high street shops.
The Government’s Budget on the 8 March announced £300m of extra funding for local councils to provide discretionary relief to support businesses facing higher bills as a result of the revaluation. This is called revaluation support.
Haringey Council is expected to receive around £2mn from the Government to provide revaluation support. The council’s consultation gave local businesses and residents the chance to help shape how best to distribute the extra local relief.
Under the proposals that were consulted on, the council’s revaluation support scheme could see:
- A new discretionary relief scheme to allocate funding across local businesses facing an increase in their business rate bills, with the amount of relief given proportionate to the level of increase they face
- An option to give preference to small, medium and independent firms, rather than large national businesses
- An option to prioritise relief on the grounds of public interest
The proposals are set out in the consultation document along with an explanation as to why we want to develop a new relief scheme. The results will be used to shape the final proposals about the allocation of any additional revaluation support.
- Business Rates Relief in Haringey - consultation document (Word, 70KB) - the consultation is now closed
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