The London Borough of Camden’s Business Rates Revaluation Support Scheme for the 2017/18 Financial Year

Overview

Camden wants to consult with residents, traders, businesses and the Greater London Authority on developing a new business rates relief scheme for revaluation support. We would like your views on these proposals.

Why your views matter

Business rates (also known as non-domestic rates) is a tax on organisations and companies that are using a building for business purposes.

From 1st April 2017, all commercial buildings and offices in the borough 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’ and is controlled by the Government. 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 £300 million 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.

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 for consultation is 23:59 on Friday 11th August 2017.