Business Rate Supplements Act 2009

A Bill to confer power on the Greater London Authority and certain local authorities to impose a levy on non-domestic ratepayers to raise money for expenditure on projects expected to promote economic development; and for connected purposes.

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.

Key areas:

• 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.