Back To The Future, Marty!

BUSINESS RATES GO BACK TO LOCAL AUTHORITIES CONTROL

The Chancellor has decided to give local authorities complete control over business rates in a return to the pre-1990 system.

As a major move on ‘localism’, local authorities will get control over the £26bn business rates yield currently.

The press release states: “Any local area will be able to cut business rates as much as they like to win new jobs and generate wealth… its up to them to judge if they can afford it.”

Cities elected with mayors, including London, will be able to add a premium to the rates you pay for new infrastructure and other building projects.

As ever, the detail will be crucial to working out exactly what this means for clients but it looks like a giant leap back to the future!

Luckily it’s the world we came from so we look forward to the revolution, presumably in Spring 2017.