The Government has invited local councils to apply for powers to retain the growth in their business rates, under new pilots. The new pilots will allow councils to retain 75% of the growth in income raised through business rates.
The scheme hopes to incentivise local authorities to encourage economic growth and to allow money to stay in communities. It is estimated that the current 50% business rates retention scheme will provide local authorities with £2.4 billion in business rates growth in 2018 to 2019.
More information on the new pilots is available here.