20 February 2012 09:14

Tax

Lincolnshire freezes council tax

The Lincolnshire County Council has revealed that there will be no increase in the amount of council tax paid by the residents of Lincolnshire

Already touted as one of the lowest tax rates in the entire country, the tax goes towards such effects as education and improving the quality of roads in the area. Despite this the LCC has agreed to freeze the tax rate for this year, pleasing many residents.

This came about despite the loss of income the body experienced from the Government, the “formula grant.” In the next financial year Lincolnshire will be receiving £16.1 million less from this fund. Kelly Smith, Executive Member for Finance and Human Resources at the LCC says “This is a difficult time for everyone financially, and we feel it’s important to do all we can to make life easier for our residents.”

This route will likely not be viable in years to come however, as the fall in funding from the formula grant, and the loss of a Government grant to authorities that agree to keep rises below 2.5% will summarily end.

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