Under the business rates retention arrangements, introduced from 1 April 2013, local authorities keep a proportion of business rates raised. However, due to the amount of rates collected by the City, it pays a tariff to central Government to be redistributed to local government. As a result, the amount retained is quite small compared with the amount collected. The City of London's share of rate income, together with income from its council tax payers, revenue support grant provided by the government and certain other sums, is used to pay for the services provided by the Council and other local authorities in your area. Because of its special circumstances - notably its very small resident population and high daytime population - the City of London can set its own rate and retain part of the proceeds to help pay for the services it provides. The City keeps the sum resulting from the premium which has been levied, following consultation, to further enhance the Police Service, security, resilience and contingency planning in the City. Service Reference Amount ($)
