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Local Government Finance Act 2012

Overview and Summary

3.The Act supports the Government’s commitment to delivering economic growth, decentralising control over finance, and reducing the deficit.

4.The Act will introduce a rates retention scheme, enabling local authorities to retain a proportion of the non-domestic rates generated in their area. This will give local authorities a strong financial incentive to promote local economic growth.

5.The Act will provide a framework for the localisation of support for council tax in England, which, alongside other council tax measures, will give councils increased financial autonomy and a greater stake in the economic future of their local area, while providing continuation of council tax support for the most vulnerable in society, including pensioners.

6.Further background is included on these elements of the Act in the "Overview of the Structure" section.

7.A glossary of terms and abbreviations used in these Explanatory Notes is provided at the end of these notes.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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