Business Rates

We want to look after our Small Businesses and we want vibrant high streets. We will ensure minimal level of reserves for the council based on best practice review at other councils with no over funding.  But we are not a bank and any excess reserves will be used to improve services in RBK&C, for both business and residents.

For development projects and infrastructure, we have discussed and are interested in raising the funds from a variety of means and one of those is through local authority bonds. These would allow investment in local development by locals for locals benefit.

For 2018/2019, the small business rate relief pot has decreased to £1.368 million.  This was because of the under allocation of the 2016/2017 pot, which was £2.817 million.  The under allocation was due to the bureaucracy in the application process leading to only 50% applying for rate relief.
We will:
  1. Lobby for the amount to return to £2 million.
  2. That there is no formal application process.
  3. That the maximum rateable value for businesses that can avail themselves of the relief will be up to £150k.
  4. Lobby for relief up to the 20-21 period; currently relief goes down to £563k in 2019-20.
  5. We will design a program to distribute any excess that does not get allocated to an apprenticeship scheme.
  6. Small businesses employing youth apprentices that live in RBKC will get an additional rate relief.