Policy & Resources Cabinet Member – Minutes – 28 January 2015
167 (40) SETTING THE NON-DOMESTIC RATES TAX YIELD FOR 2015-16 – The Director of Policy and Resources submitted a report which sought approval to set the National Non Domestic Rate Tax Yield for 2015-16, and approve the NNDR1 form for release.
The report outlined that the NNDR1 form must be sent to the Department of Communities and Local Government and Humberside Fire and Rescue Service by 31 January 2015.
Under arrangements introduced from 1 April 2013 the total business rate for England was shared 50/50 between central and local shares. The local share was then allocated to individual councils in proportion to the amount of business rates they collected in 2010/11 and 2011/12 and increased by inflation each year.
Each year the Council was required to estimate the amount of NNDR it believed it would collect in the following financial year and make a return, the NNDR 1, to Government. This was the purpose of this report.
After consideration of the options it was outlined that the net NNDR tax yield for 2015-16 was estimated to be £89.519m.
This decision was urgent because the final version of the form, received on 12 January 2015, must be approved and submitted by 31 January 2015.
Resolved – (a) That an estimated NNDR tax yield for 2015-16 be set at £89.519m, and (b) that the Secretary of State and Humberside Fire and Rescue Service be duly notified.