Council concerned about the impact of the Government’s business rates evaluation exercise
Following the government’s 2017 business rates revaluation exercise, Elmbridge Borough Council has written to the Prime Minster expressing it’s disappointment with the proposed increase of 22.3% in rateable values in the Borough.
Signed by the Leader of Elmbridge Borough Council Cllr Stuart Selleck and the Chief Executive Robert Moran, the letter queries the impact of the proposed business rates increase on the local economy. Elmbridge Council has supported local businesses to the value of £850,000 in recent years and the concern is that the positive benefits of this investment will be negated by an increase that is almost 2.5 times the South-East average.
For example, a shop in Weybridge would see an increase in its rateable value from £28,750 to £35,750 (20%) and the amount it pays in 2018/19 increase by 17%.
Similarly, a property in Walton would see its rateable value increase from £16,250 to £22,000 (35%) leading to a 30% increase in the amount it pays by 2018/19.
The Council is asking that the implementation of the new rateable values is deferred in order that a thorough review can be undertaken, with the social economic impact fully assessed at a national level and give businesses more time to respond and prepare for the change.
In a separate letter, the Council also expressed its concern over the speed of the implementation, release of data and rules affecting our ability to implement the changes, particular with regard to the software changes and by deferring the implementation for one-year it would result in a more prepared economy, reduce uncertainty and with BREXIT on the horizon would show that the government is listening to the concerns people have and minimising the potential impact the proposed changes would have.