The BID levy and who contributes?
- The levy rate to be paid by each property or hereditament is to be calculated at 1.25% of its rateable value (2010 figures) at the ‘chargeable day’ (notionally 1st March each year).
- Only properties or hereditaments with a rateable value of £10,000 or more will be liable for the levy.
- The maximum levy that would be liable for any single hereditament is £12,500.
- The BID board would decide whether to apply an annual increase to the levy, taking account of inflation and economic conditions. Any increase would not exceed 3% of the levy multiplier year-on-year.
- The levy will be charged annually in full for each chargeable period which will be April to March each year, first payable in April 2017, and then annually each April. No refunds will be available on the levy charged. The levy must be paid in one payment.
- The owners of untenanted properties or hereditaments will be liable for payment of the levy.
- Occupiers within Putney Exchange shopping centre that are subject to a service charge for management will pay 60% of the levy.
- Charitable organisations that are subject to relief on their business rates liability are subject to a discount and will pay 60% of the levy.
- Wandsworth Council will collect the BID levy on behalf of Putney BIDCo Limited. To contact Wandsworth Council about your levy bill payment email firstname.lastname@example.org
- Collection and enforcement regulations will be in line with those applied to non-domestic business rates, with the BID Board of Directors responsible for any debt write off.
- The funding will be kept in a separate fund account and transferred to Putney BIDCo Limited.
- The number of directors on the board will not exceed 12. Directors will be drawn from levy paying businesses and may include some non-levy payers, although always a minority. The board will be subject to annual re-election with confirmation at the Annual General Meeting.
- The BID board will have at least quarterly meetings.
- The BID sub groups will meet prior to board meetings. Minutes from sub-group meetings will form part of the information provided to the board ahead of their meetings. In turn, decisions from board meetings will be circulated to the BID sub groups.
- The BID will file annual accounts with Companies House and make available to all levy payers.
- An annual report on activities, including finances, will be published.
- All levy paying businesses are eligible to become members of the BID company and to vote at the Annual General meeting.
- The Operating Agreement, which includes the Council’s Baseline service commitments, is available.
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