MD1305 Crossrail Business Rates Supplement 2014-15
The Crossrail Business Rate Supplement (the ‘Crossrail BRS’) is financing £4.1 billion of the costs of the Crossrail project. This proposal asks the Mayor to approve the final policies for the supplement for 2014-15 including the multiplier (or tax rate) and the rateable value threshold above which it will apply having regard to the final prospectus for the BRS - ‘Intention to levy a business rate supplement to finance the Greater London Authority’s contribution to the Crossrail project – Final prospectus’ (January 2010).
The Crossrail BRS is collected by the 32 London boroughs and the Corporation of London on behalf of the GLA. The Mayor is also asked to authorise the Executive Director of Resources to issue a notification to each billing authority under section 18 of the Business Rate Supplements Act 2009 setting out the final policies for the Crossrail BRS in 2014-15 and the supporting explanatory text for ratepayers. This will enable billing authorities to make the necessary arrangements for the inclusion of the Crossrail BRS on 2014-15 non domestic rates bills which are due to be issued before the end of March 2014.