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Business Rate Supplementary - 26 August 09
On 4th December 2008 the Government announced a Bill granting county councils new powers to raise additional funds from businesses. If the Bill is passed by Parliament, Hertfordshire County Council will be able to apply a 2% Business Rate Supplement (BRS) on all properties with a rateable value exceeding £50,000. Councils’ exercising these new powers are required to target the new money on economic development.
In response the Government’s earlier consultation, Maylands Partnership in association with other Business Improvement District (BID) companies’ argued that an additional tax should not be imposed on businesses. We also said that if Government was determined to proceed with the BRS then special arrangements were needed for BID areas. Fundamentally, businesses contributing to a BID should not be required to pay the new BRS on top.
Although Government has decided to proceed with BRS, it has agreed to make concessions for BID areas and the Bill proposes that councils’ should offset the BID levy against any liability for the BRS.
What does this mean locally?
If Herts Council introduces a 2% BRS then businesses outside Maylands will be required to pay the supplement, in full, to County Hall.
More information on SBR may be found at: www.communities.gov.uk/news/corporate/1086666