Decision details

To approve a new policy to provide temporary relief to eligible small and medium sized businesses (RV<£200k) facing an increase in business rates of >12.5% following national revaluation

RESOLVED:

1.  That it be noted that following the revaluation of rateable values for businesses within Southwark by Government, business rates payable have increased by £54m in 2017-18.

2.  That the additional four year discretionary rate relief policy for revaluation relief attached as Appendix A of the report, as per government’s requirement to offer additional relief to the value of £6.9m with any future amendments to be made by an individual decision by cabinet member (IDM) be approved.

3.  That the policy incorporating small businesses and pubs relief be agreed.