Crossrail Business Rates Supplement
On 30 July 2009, the Mayor of London and the Greater London Authority (GLA) published proposals for the introduction of a Business Rate Supplement (BRS) from April 2010 to finance £4.1 billion of the GLA's agreed contribution towards the cost of the £15.9 billion Crossrail project. A prospectus has been issued by the GLA in line with the powers granted to it under the Business Rate Supplements Act 2009.
The Business Rates Supplements Act 2009 enables levying authorities - county councils, unitary district councils and, in London, the Greater London Authority - to levy a supplement on the business rate to support additional projects aimed at economic development of the area. Business Rate Supplements (BRS) are not applicable to poperties with a rateable value of £50,000 or below, and authorities have discretion to increase that threshold. The total maximum BRS which may be levied by a levying authority is 2p per pound of rateable value. Levying authorities have the power to apply such reliefs to the BRS as they think appropriate and in such cases must include an explanation of the rules for the application of those reliefs in the final prospectus for the BRS.
A business rate supplement is being levied by the Greater London Authoruty in relation to the Crossrail project on all properties with a rateable value of more than £55,000. Further information can be found using the links below.
General inquiries can be made to the dedicated website (please see the link at the bottom of this page) or to the GLA's public liaison unit on 020 7983 4100 (Minicom 020 7983 4458).