In its White Paper on local growth released yesterday (the
"White Paper"), the Government restated
its intention to legislate to introduce Tax Increment Financing
("TIF"). It also announced that it
would consider options to allow local authorities to retain
business rates as part of a wider review of local government
resources. To inform the review, interested parties are
invited to respond to questions on TIF and the business rates
system set out in the White Paper. This opportunity should
interest those involved in the development of infrastructure and
regeneration projects that could boost economic growth.
TIF
Last week's Comprehensive Spending Review promised that the
White Paper would set out more detail on TIF. TIF is a
scheme allowing local authorities to borrow against future uplift
in business rates, as well as against current income streams and
forecast future income (as is currently the case), to fund key
infrastructure and capital projects. For
