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News - 4 July 2011

Deputy Prime Minister announces Localised Business Rates.

As part of the Governments localism agenda, Deputy Prime Minister Nick Clegg, has announced to the LGA (Local Government Association) that Councils in England will be allowed to keep the business rates they collect rather than paying them into Treasury coffers, and to reassure deprived areas - with fewer businesses to generate money - that no authority will receive less than it does at present.

Councils currently control less than half of their budgets, but with the localisation of business rates, that could rise to 80% or more. They will also have power to spend money as they see fit, and therefore, councils can better address local priorities and offer greater incentives to attract successful firms to their area.

Councils will also have the power to borrow against business rate income to fund local development.

The LGA has expressed its enthusiasm for the idea, the new chairman, Sir Merrick Cockell, said localising business rates would be:

 "the biggest kick-start to our economies"  that the government could give.

Lavinia Newman of ABDS says:

“…….this would allow communities to benefit directly from their own economic activity and development.”

If you need any help and advice with your Tax compliance, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning and business advice.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds.marketing@netaccountants.net

 

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