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Local Government Finance Act 2012

Glossary of Terms and Abbreviations

Business ratesNon-domestic rates.
Billing authoritiesThose local authorities responsible for the collection of non-domestic rates and council tax.
HereditamentProperty which is or may become liable to business rates, and thus appears on a rating list, compiled and maintained by the Valuation Office Agency of HM Revenue and Customs.
LevyA charge on the potential disproportionate growth some local authorities may gain as a result of rates retention.
LGFA 1988Local Government Finance Act 1988.
LGFA 1992Local Government Finance Act 1992.
Local Government Finance ReportThe annual determination, by affirmative resolution of the House of Commons, in respect of the following year of the central and local share, payments in connection with local retention of non-domestic rates and the amount of Revenue Support Grant (if any).
Major precepting authoritiesAn authority that exercises local government functions but does not collect non-domestic rates or council tax itself (for example, a county council in an area where there is a district council, or a combined fire authority).
Non–domestic ratesA tax charged on non-domestic property properties (also known as business rates).
Revenue support grantA general grant given by central government to local authorities.
Safety netA protection within the rates retention scheme which provides local authorities with protection against a decline in retained income relative to the individual authorities’ baseline funding level.
Transitional reliefTransitional relief is designed to reduce the impact of any significant changes in the rateable value - whether the change is up or down – by limiting the percentage a non-domestic rates bill can be increased or decreased each year following revaluation, until the bill reaches the amount it would have been on revaluation.

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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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