BCSC pushes for rate reform
Published: 31 October, 2011
The retail-led regeneration of town centres could be boosted by the creation of exemption zones for business rates, according to retail property organisation BCSC.
The idea is presented as part of BCSC's response to the consultation on the Local Government Resource Review, which seeks to devolve greater financial responsibility from Whitehall to local authorities and encourage councils to attract investment.
BCSC argues that business rates relief could be used as an incentive to developers to get planned projects moving.
Executive director Edward Cooke said: "From next April councils will have the opportunity to offer business rate reductions to landlords - a great opportunity for them to encourage inward investment and growth.
"One option is to target this relief at properties where there is a commitment to invest in existing properties and therefore landlords aren't re-letting units ahead of plans to refurbish or rebuild.
"With the right checks and balances in place this would allow councils to reward developers who have made a commitment to start work, and incentivise others to do the same.
"This kind of innovation, which we believe is consistent with the localism agenda and Government's business rates retention proposals, would provide a real opportunity for local authorities to remain competitive and attractive to businesses looking to invest in improving the quality of existing retail property."
BCSC’s response to the consultation on the Local Government Resource Review can be found at www.bcsc.org.uk. The consultation closed on 24 October 2011.
