The income to be derived through the BID levy will be based upon a set of detailed levy rules as follows:
- The term of the BID will be for a period of five years from 1 October 2014 to 30 September 2019.
- The BID levy will be applied to rated properties in the BID area with a rateable value of £50,000 or more.
- Except as specified below the levy will be a fixed rate of 1% of rateable value as at 1 April 2014 using the 2010 list for all eligible levy payers.
- A cap of £20,000 will be applied to each individual hereditament and a cap of £30,000 will be applied in the case of any single company with more than one hereditament.
- New hereditaments will be charged based on the rateable value at the point of occupation.
- Hereditaments within Waterloo Station (defined as the premises within the South Bank BID area owned by Network Rail and London & Continental Railways and subject to and benefitting from their service charges) will be subject to a reduced levy of 0.5% of rateable value. The proceeds of this element of the BID levy will be shared with and applied in close collaboration with Waterloo Quarter BID.
- Charitable organisations in receipt of mandatory charitable relief from business rates will receive 80% allowance.
- Empty properties will be liable for the BID levy via the ratepayer with no void period. Listed properties exempt.
- The BID levy will be subject to an increase for inflation of 3% to be applied on 1 April 2016 and 1 April of each subsequent year.
- There will be no VAT charged on the BID levy.
- The BID levy will not be increased other than as specified in the levy rules.
- The BID levy rules cannot be altered without an alteration ballot.