Business rates income drops by £4.4 million in Sheffield due to Covid

For the past financial year, it will receive £157.6 million from business rates, made up of £99.5 million retained rates and £58.1 million of grant income.

The net business rates income for the next financial year has therefore decreased by £4.4 million from last year.

Council officers, in a report, said: “This is mainly due to an overall £3.5 million reduction in net business rates due to anticipated growth in reliefs awarded to empty, charitable and partially occupied premises due to the ongoing economic impacts of the Covid-19 pandemic and decreased rates payable within the city centre designated area, following the reduction in rateable value of large hereditaments.”

The council keeps 49 per cent collected and the remainder goes to government – 50 per cent – and South Yorkshire Fire Authority – one per cent.