BRRS definition
Examples of BRRS in a sentence
Pooled funds will include monies involved in the Local Government Business Rates Retention Scheme (BRRS).
Government’s assessment at the outset of BRRS of the income an authority could raise through the BRRS.
This is subject to the pool BRRS income not being less than the sum of what Pool Members’ BRRS income would have been in the absence of a Pool; Any additional BRRS income generated because of the Pool will be shared across the Pool; The allocation of any retained resource will reflect where the business rate growth occurred and the Baseline Funding of Pool Members.
Levy A payment due to central government related to BRRS income above Baseline Funding levels.
The underlying basis of allocation is half to the authority that would otherwise be paying a Levy and half to be shared across all Pool Members pro rata to their BRRS Baseline Funding.
Pool A voluntary arrangement amongst a group of local authorities to pool the business rates generated locally in accordance with the BRRS pooling prospectus published by DCLG in July 2013.
Safety Net Payment received by an authority from central government under the BRRS if BRRS income falls by more than a specified percentage below the Baseline Funding Level.
The allocation of Pool income will be based on the following principles: No authority will receive a lower level of income from the BRRS than they would have received without the Pool; authorities will pay the same level of tariff or receive the same level of top up and / or receive the same level of Safety Net payment as if they were not in the Pool.
The meanings of these terms are as follows: Agreement Base Rate Baseline Funding Business Rates Retention Scheme (BRRS) Refers to this document and to Schedule 1 attached thereto.
Each member will retain the income they would have received under the BRRS if they were not a member of the Pool, as determined by Local Government Finance Settlement.