Hello,
I am looking for some advice on how others are applying the CIL
indexation in line with the amended regs.
I know that the amendments mean we have to use the published RICS
index rate which for 2020 is '334' so that is fine
The formula for applying the indexation requires us to take the old
base rate away from the new rate - so when we adopted CIL in 2018 the
base rate was 316 so the formula we have used is
[(334-316)/316 x 100]
However our finance team have queried whether we should amend the
base rate for 2018 as it has changed to 313 in the most recent BICS publication.
I was just wondering how others have calculated their CIL indexation
and whether you have kept the base rate as it was when you adopted CIL
or whether you have used the most recent figure for that base rate
that BICS has published.
I would welcome any comments on this.
Many Thanks,
Jo Bozdoganli
Stratford-on-Avon District Council
