At last month's Spending Review the Deputy Prime Minister announced the introduction of new borrowing powers known as Tax Increment Financing (TIF). The new powers will allow local authorities to borrow against predicted future growth in their local business rates which will arise as a result of regeneration or infrastructure enhancement.
With an urgent need to find new sources of funding for infrastructure TIF is being welcomed as a means of encouraging private sector investment. TIF has been widely used in the United States for many years and recently it has been adopted by the Scottish Government through the setting up of the Scottish Futures Trust.
The Local Government Resource Review is now considering how TIF should be introduced with the deadline for responses set at 1st December.
This morning seminar will provide an opportunity to understand how TIF will be introduced in England, the financial structure of schemes and how future uplift will be calculated. It will hear from local authorities intending to implement TIF and from case studies where TIF is already being implemented. It will also explore the use of TIF as a funding tool for regeneration and for transport infrastructure.
Ray Mills, Partner, PricewaterhouseCoopers
Bridget Rosewell, Chairman, Volterra Consulting
Liz Peace, Chief Executive, British Property Federation
Simon Murphy, City Region Project Director, Birmingham City Region
The conference brochure is available here.
|Bircham Dyson Bell, London|