Saturday, July 13, 2024

Clarification on Paying the BID Levy

When the BID Levy commenced in 2012 this announcement was made in The Hockley Flyer to help people understand what the scheme was all about:
‘The legislation that governs a Business Improvement District (BID) is relatively straightforward. Well, it is by comparison with many other pieces of Government legislation! Businesses vote to make additional contributions (a levy) in order to deliver specific objectives. If the vote is successful, and the one in the Jewellery Quarter gained an overwhelming endorsement, it is binding on all businesses. This is the same principle that applies to the way we choose our Council and Government. We go with the will of the majority.

So, who pays? The company that pays the business rates is the same one that is responsible for paying the levy, it really is that simple. If a tenant moves out and liability for rates comes back to the landlord, then the landlord also becomes responsible for paying the levy. If a new tenant moves in to a property, then along with the business rates bill will be a levy charge.

Premises with a rateable value of less than £10,000 do not pay the levy. The reason for this is that the collection costs would exceed the revenue generated.’

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