The Bill will create a new power for upper tier local authorities in England and Wales to levy a local supplement on the business rate and to retain the proceeds for investment in that area.
- Only the highest tier of local authority will be entitled to levy rates; in London the power will rest with the Greater London Authority
- business rate supplement revenues must be spent on economic development
- a national upper limit of 2p per £1 of rateable value will apply
- stipulations are made for consultation with business and matters concerning the prospectus for each scheme
- circumstances are specified in which a ballot will be required and provisions made for regulating such ballots
- all properties with a rateable value of £50,000 or less will be exempt.