BID Levy Rules
1. The levy rate to be paid by each property or hereditament will be fixed at 1% of its rateable value (as per the 2017 Rating List) for the duration of the BID term. The rate remains unchanged from the previous term.
2. Under the Local Government Act 2003 and the Business Improvement District Regulations (England) 2004, the levy is mandatory by law for the full period of the term (not exceeding 5 years) and will be charged annually in advance for each chargeable period from April to March (starting on 1st April 2021).
3. The BID levy will apply to all eligible hereditaments located within the defined BID area and with a rateable value of over £17,500 (as per the 2017 Rating List). The threshold has changed from £12,500 in the previous term.
4. Businesses in the BID area who are exempt from the levy charge due to their rateable value can apply to become a voluntary levy payer. Details of this scheme will be announced on the launch of the new term.
5. Liability for the full year’s levy falls upon the Non-Domestic Ratepayer for the property on the date of billing (typically the first week of April). If the property is empty on the date of billing, then liability shall fall upon the property owner.
6. No refunds will be made either fully, or in part, in respect of levy amounts paid should there be a change in Non-Domestic Ratepayer during the financial year. Neither the BID Company nor the Council will enter into negotiations between outgoing and incoming levy payers, and all said negotiations to recoup part-year payments must be resolved independently by the individual or company concerned.
7. Non-retail/leisure based businesses with charitable status will pay 50% of the levy that would otherwise apply. Medical practices that are wholly owned by the NHS will be made exempt from any levy charge.
8. Please note, no exemption or discounts will be issued to listed buildings and those who pay discounted business rates are not entitled to a levy discount as well.
With each new year of billing the BID team have endeavoured to inform levy paying businesses how funds have been spent in the previous year and how spend is forecast for the year ahead.
An annual review document is published in time for the company AGM which typically take place in June (available in the Downloads page) and a supplement letter is sent out with the levy bills in April of each year (see below).