From 1st April 2017, all commercial buildings and offices have been given a new rateable value used to calculate the amount of business rates a business occupying that space has to pay. This process is known as ‘revaluation’. As part of managing the impact of revaluations, transitional relief is applied which can reduce the effect for businesses in the first few years.
In this year’s budget, the Government announced £300m for additional revaluation support. The Government’s extra funding is designed to support those facing the steepest increases in business rates following the 2017 revaluation. In determining the awards, the Government used a threshold of rateable values under £200,000 per annum.
The amount allocated to Camden for distribution for the first year 2017-2018 is £5.631m.
Camden would like to consult with residents, traders, businesses and the Greater London Authority on developing a new business rates relief scheme for revaluation support and would like your views on these proposals.
This consultation sets out the Council’s proposals for a revaluation support scheme for the financial year 1 April 2017 to 31 March 2018 only and is based on the criteria published by the Government to date.
The closing date is 11 August 2017 – take part in the consultation now.