THE BID LEVY
Each hereditament (individual property liable to pay business rates) would pay an annual levy equivalent to 1.5% of their rateable value. The initial BID term will be 5 years; for the BID to continue, another ballot would be required.
Current proposals are that businesses with a rateable value of under £25k would not pay or receive a vote. Businesses receiving mandatory relief from business rates (for example schools, charities and churches) would also be excluded.
There would be a cap on the annual levy for any single hereditament set at £20,000. Additionally, there would be a cap on the annual levy payable by any single legal entity of £40,000.
If the businesses vote in favour of the BID, all eligible businesses, irrespective of how they voted, would have to pay the levy.
Businesses contributing to a managed outdoor space will receive a 50% discount (eg. Temple Quay).
First estimates suggest that £5m would be raised over the five year BID term.