The Greater London Authority (GLA) commenced levying a supplement on London’s business ratepayers from April 2010, as part of its contribution towards the costs of the Crossrail project.
The GLA's final prospectus for the supplement can be downloaded here, but we identify the key issues below.
The Crossrail Business Rate Supplement (BRS) will be used to finance £3.5 billion of borrowing by the GLA and repayment of this following construction. A further £600 million raised by the BRS will be applied directly to construction costs between 2010 and 2017.
The supplement applies at 2p per £ Rateable Value (RV) on all properties in London with RVs above £55,000. The BRS is expected to last for between 24 and 31 years until all the borrowing has been repaid. The same reliefs that apply to non-domestic rates liabilities apply to the Crossrail supplement (eg charitable relief and empty property rates relief) but no transitional relief applies to the supplement.
Rating revaluation 2010 >>
Empty property rates >>
Rates Payment Management Services >>
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