Harringay, Haringey - So Good they Spelt it Twice!

Business Rates

In a posts there was a comment that Haringey did not get Business Rates

According to Haringey Web Site

Haringey Council keeps 60%

40 % goes to the Mayors budget

Being aware the amount some Commercial Business must pay

That's a Multi Million Budget for Our Elected Councillors to Work with

Let alone Housing Rates and Fines

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Permalink Reply by Michael Anderson on November 18, 2019 at 17:11

It doesn’t work that way Bob.

Until April 2013 all business rate income collected by councils was paid to Government and formed a single, national pot, which was then distributed by government in the form of formula grant. After that the regulations changed and the government gave local authorities the power to keep up to half of business rate income they collect and transfer half of it centrally, to central government. The central share is then distributed to councils in the form of revenue support grants. The other half kept by local authorities is then subjected to tariff, levy, top-up and safety payments depending on the financial position of the council. Haringey has a small business rates base compared to other central London boroughs and was a net beneficiary of rate redistribution pre-2013, so it actually has less money now than it had 6 years ago,