Suffolk will be one of 10 pilot areas to test local authorities keeping all of the business rates gathered.
The pilot was announced yesterday by Secretary of State for Communities and Local Government, Sajid Javid as part of his statement of the amount of money allocated to each local authority in England for the next financial year.
So, Suffolk County Council will retain 100 per cent of business rates from Council Tax in 2018/19.
It means Suffolk, along with Berkshire, Derbyshire, Devon, Gloucestershire, Kent and Medway, Leeds, Lincolnshire, Solent and Surrey will influence how business rates will become an important income stream to authorities.
Until more information is released from the Department for communities and Local Government it is not possible to say exactly how much additional income this could generate into the Suffolk system.
County council leader Colin Noble said: “This is a positive step towards greater local autonomy which will encourage economic growth in the county and help to secure the best outcomes for people in Suffolk.
“We are now studying the details of the scheme and will be working with colleagues in the borough and district council’s to identify what this means for the whole Suffolk system.”