Business Rates Revaluation Support – a new discretionary rate relief scheme
This consultation has now closed.
Overview
Barnet Council is responsible for collecting Business Rates which are then shared between the council, the Government, and The Greater London Authority. Business Rates are based on the valuation of the property as set by the Valuation Office Agency. The latest revaluation was conducted in 2015, coming into effect on 1 April 2017. The previous revaluation was carried out in 2010. Some businesses have seen sharp increases as a result. Revaluation Support is a new discretionary rate relief funded by central government grant (£2.3m over four years) that may be used to allocate to businesses hardest hit by the effect of the 2017 revaluation.
A local policy, relevant to the London Borough of Barnet is required to be agreed, to fairly distribute the grant.
The draft scheme sets out how the £2.3m will be distributed over the next four years. It includes details of which types of business would be eligible and those which are excluded, along with other qualifying criteria. The amount of relief is then phased over the subsequent years, with an amount reserved for supporting exceptional cases.
You can read the Draft Revaluation Support Scheme in full here.
Why we are consulting
The draft scheme sets out the eligibility criteria required for processing applications for revaluation support and this consultation will allow the council to grant discretionary support to those hardest hit by the revaluation.
We want to give everyone the chance to give their views on the revised scheme before a final decision is made.
Give us your views
Your views and opinions are important to us and will help us to make the right decisions. Please take the time to read the draft scheme and complete our short online questionnaire.
For enquiries about your business rates, please email business.rates@barnet.gov.uk or telephone 020 8359 2735.