92 Calculation of Business Rates Tax Base for 2023-2024 PDF 204 KB
Report of the Director of Finance and Assurance.
Additional documents:
Minutes:
RESOLVED: That
(1) the approach and assumptions for the calculation of the Council’s business rates yield as set out in the officer report, be noted;
(2) in accordance with the Non-Domestic Rating (Rates Retention) Regulations 2013, the amount calculated by the London Borough of Harrow as its business rates yield for the year 2023-2024 shall be £12.768m as shown in the table below:
|
|
£m |
|
Projected NDR Income 2023/24 |
42.560 |
Less |
Payable to DLUHC (33% Central Share) |
(14.045) |
Less |
Payable to the Greater London Authority (37%) |
(15.747) |
Equals |
Amount to be retained by Harrow (30%) |
12.768 |
|
|
|
Add |
Section 31 Grant |
4.873 |
|
Total |
17.641 |
(3) the Director of Finance (Section 151 officer), following consultation with the Portfolio Holder for Finance and Human Resources, be authorised to submit the notification of the calculation of the estimated Non-Domestic Rates income to the Secretary of State and the Greater London Authority (GLA) by 31 January 2023 or other date as may be prescribed;
(4) the Director of Finance (Section 151 officer), following consultation with the Portfolio Holder for Finance and Human Resources, be authorised to submit revised figures (from those above) to the Secretary of State and GLA, if further clarification was received from the Department for Levelling Up, Housing & Communities (DLUHC) on the financial impact of the proposed changes to the authority and how this was to be calculated;
(5) the Director of Finance (Section 151 officer), following consultation with the Portfolio Holder for Finance and Human Resources, be authorised to implement the announced Autumn Budget business rates measures, namely a new retail relief for eligible retail, hospitality and leisure properties, a Transitional Relief (TR) scheme for small and medium sized businesses, and a Supporting Small Business scheme (SSBS), once the detail was known, for the financial year 2023/24 and beyond (this would also involve the Director of Finance exercising discretion under s47 of the Local Government Finance Act 1988, (as amended) in order to introduce / operate the scheme).
Reason for Decision: To fulfil the Council’s statutory obligation to provide estimates and calculations in relation to NDR for 2023-2024.