South Bank Business Improvement District was set up in 2014 to improve the management of South Bank in the face of increasing footfall and falling public spending.
We fund and support a number of public realm services, including enhanced security, cleaning and refuse collection, and help to promote South Bank as a leading visitor destination and as the cultural heart of London. We also act as a collective voice for our 300 BID levy payers, helping to ensure their perspectives are heard and their priorities acted on.
Having received a 99% Yes vote during the ballot for the BID’s third term in February 2024, South Bank continues to operate under the vision of ensuring that South Bank remains a world-class place for our businesses and all those that work, visit, live and study here.
A Business Improvement District (BID) is a geographical area in which the local businesses have voted to invest together to improve their environment. BIDs provide additional or improved services, identified as priorities by the local businesses. A BID is funded through a levy on business rates, introduced via a ballot for which a majority of eligible businesses (by number and rateable value) must vote in favour. If the ballot is successful the BID term is usually 5 years during which time an agreed set of services are delivered towards the collective objectives of the BID members.
South Bank BID last went to ballot in 2019, and received a 99% 'yes' vote - the BID will go to ballot again in early 2024, with a program of services and activity based on what businesses have identified to us as most important to them.
South Bank BID is a unique BID in its delivery model in that the BID itself employs no staff - the delivery agent for the BID's work is South Bank Employers' Group, who have been working to improve the South Bank for over 30 years. This model means that the BID's work can be supported and amplified through additional funding models, such as S106 income from the London Eye and private landowner contributions.
The BID delivers a wide range of services that businesses benefit from, from security and placemaking, to digital and media promotion for customer facing businesses. There are multiple ways for your business to get involved - from attending networking and roundtable events, to your staff downloading our local discount card and getting exclusive deals at local spots.
To learn more about the services the BID delivers, click here.
South Bank BID is funded through levy payments made annually by businesses: any business in the BID boundary with a rateable value of over £50,000 is a BID levy payer.
The annual levy for the BID’s second term in 2019 commenced at 1.12%, and is inflated by 3% year on year, meaning it will be 1.15% from April 2021, 1.18% from April 2022, and so forth. Charities qualify for an 80% reduction and businesses operating within Waterloo Station receive a 50% reduction. For very large businesses there is a cap of £30,000 levy on any individual hereditament or £40,000 on any individual business.
South Bank BID is an independent organisation, governed by a Board of Directors drawn from a range of businesses within the BID area who work to support all our levy paying members and to represent their views.
The term of the BID will be for a period of five years from 1 October 2019 to 30 September 2024.
All properties or hereditaments with a rateable value of £50,000 or more will be liable for payment of the levy.
The levy rate to be paid by each property or hereditament is to be calculated as 1.12% of its rateable value as at the ‘chargeable day’ (notionally 1st April each year) using the 2017 ratings list for all eligible levy payers.
The number of properties or hereditaments liable for the levy is circa 290. New hereditaments will be charged based on the rateable value at the point of occupation.
From April 2021 onwards, the levy rate will be inflated by 3% year on year – i.e it will rise to 1.15%, then 1.18% etc.
The levy will be charged in the first instance for the 6 months from 1 October 2019 to 31 March 2020 inclusive. It will then be charged annually in advance for each chargeable period (April to March each year). No refunds will be made.
The ratepayer for untenanted properties or hereditaments will be liable for payment of the levy.
Hereditaments within Waterloo Station that are subject to a service charge will receive a 50% discount.
Hereditaments owned and/or occupied by Guy’s and St Thomas’ NHS Foundation Trust (however so named) will be capped at a maximum of £40,000 per annum.
Those businesses in receipt of charitable relief on business rates will receive a reduction of 80% on their levy.
The levy charged to any single hereditament shall not exceed £30,000 (an increase from £20,000 in 2014).
The total levy paid by any single liable party in each Borough will not exceed £40,000 (an increase from £30,000 in 2014).
There will be no VAT charged on the BID levy.
For a complete map of the BID area, and listed streets, please see here.
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South Bank BID operates across both Lambeth and Southwark: your local Council will collect the BID levy, on the BID's behalf. You will be issued with bills at the start of the financial year - details of how to pay will be on the back of your bill.
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Your BID levy is dependent on the rateable value of your property: in 2023/24, the levy is 1.23% of a business rateable value, for properties over the threshold of £50,000. Discounts are in place for a select number of hereditaments:
Hereditaments within Waterloo Station that are subject to a service charge will receive a 50% discount.
Hereditaments owned and/or occupied by Guy’s and St Thomas’ NHS Foundation Trust (however so named) will be capped at a maximum of £40,000 per annum.
Those businesses in receipt of charitable relief on business rates will receive a reduction of 80% on their levy.
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No. The BID is legally binding on the non-domestic ratepayers in the Business Improvement District area. Businesses have the opportunity within the ballot period every five years to vote on whether they want the BID's services to continue.
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For general enquiries, please get in touch at BID@southbanklondon.com. If you would like to discuss a public realm issue, please contact publicrealm@southbanklondon.com.
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In circumstances where a property is vacant but still liable to pay business rates, the ratepayer for the unoccupied property is also liable to pay a BID levy.
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The work of South Bank BID is achieved by working in collaboration with others who share our vision for the future prosperity of the South Bank, including South Bank Employers’ Group, South Bank and Waterloo Partnership, the Visitor Management Group, and South Bank Business Watch. To learn more about these partnerships, click here.
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