Agenda and minutes

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The Cabinet Member referred those present to agenda item 1 as shown on the agenda in respect of filming at this meeting and asked that those present reviewed and noted the information contained therein.

None.

None.

The Cabinet Member for Economic Development, Social Inclusion & Sustainability considered the report, which sought approval for the revised Discretionary Business Rates Relief – Revaluation Support Policy. The reason for this amendment is to ensure full use of Haringey’s allocation of the Government’s funding for discretionary relief 2017/18 and for the remainder of the period, through to 2021.

It was noted that Cabinet had approved the original policy on 20th June 2017 and the changes proposed within this report were outlined as detailed in the recommendations

RESOLVED

That the Cabinet Member for Economic Development, Social Inclusion & Sustainability approves the revised Discretionary Business Rates Relief – Revaluation Support Policy, as appended to this report at Appendix A, which makes the following amendments to the policy agreed by the Cabinet on 20 June 2017:

·         Year 1 (2017-18): Give effect to new policy clause 2.2.2 and proportionately apply the remaining funds amongst eligible businesses. This equates to a 10.5% increased discount (indicative), taking the total reduction to an estimated 52.5%. An approximate rather than specific percentage is given to allow for any further adjustments in the business base (including as described at section 6.3 of this report). A proportionate distribution of remaining funds is in keeping with the policy, most administratively efficient to operate and would provide further support to local businesses.

·         Years 2-4 (2018-19 to 2020-21): Give effect to amended policy clause 2.3, so that during each year that remains, funds available will be distributed proportionately amongst eligible businesses.

·         A caveat added, which gives effect to amended policy clause 2.4; that this policy is subject to any relevant wider policy changes that may occur, including those outlined by Government. Should substantial changes arise then the policy is to be reviewed accordingly.

REASONS FOR DECISION

The proposed amendments seek to ensure delivery of the Discretionary Business Rates Relief – Revaluation Support Policy, as appended to this report at Appendix A, which: -

·         Allocates discretionary business rates relief to rate payers where - The business rate increase is £500 or more (after all other applicable reliefs have been applied)

·         Automatically applies a 42% discount on the monetary increase in business rates to affected businesses in 2017/18

With the following exclusions:

a) Premises occupied by multinational and national chain companies

b) Excepted hereditaments within the meaning of s 47 Local Government Finance Act 1988 and wider public sector premises

c) Businesses not located in the borough for the duration of 2016/17 and/or have left since April 2017

d) Premises with rateable values in excess of £200,000

The amendments proposed maintain the above outlined exclusions and are in keeping with the aims of the original policy. The policy sits in the context of the Council’s wider economic growth priorities for the borough. We believe the policy best supports economic growth as it targets small, medium-sized and independent businesses over multinational, and national chain businesses. The policy aligns with the Council’s existing policies to encourage business resilience and growth in Haringey and support local job creation.  ...  view the full minutes text for item 234.

To consider any items addmitted at item 2 above.

None.