Barnsley Council 'to receive £25m from business rates'
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Local authorities retain 49 per cent of all business rates collected in the area, which is estimated to be £25.4m in the next financial year for Barnsley.
Half of the rates collected are paid to central government and the remaining one per cent is paid to the local fire authority.
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Hide AdBusinesses up to £12,000 rateable value will not have to pay business rates, in line with the government's threshold requirements.
As part of the government's Autumn budget, retail, leisure and hospitality businesses will see their business rates halved, and the council will be compensated through a grant.
A report to be presented at next week's cabinet meeting states that charities being awarded 80 per cent mandatory relief poses a ‘significant issue’ for BMBC, ‘as schools that become academies will automatically receive relief on their business rate bill, thus reducing the resources available to fund other front line council services’.
The report adds: "The business rate baseline remains extremely volatile, with several key factors that can influence its position.
"It remains particularly vulnerable ongoing as a result of the impact of Covid 19 and Brexit."