BID Levy Rules

1. The levy rate will be charged at 1.25% (or 1% for managed shopping centre tenants – Putney Exchange, and non-retail charities) of the rateable value as at 1st April 2022 based on the 2017 rating list. 
2. All new hereditaments entering the rating list after this date will be charged on the prevailing values. 
3. The levy will be charged annually in advance on 1st April 2022 and no refunds will be given. 
4. For each subsequent chargeable year, the levy will be charged as at 1st April based on the 2017 rating list values at that time. 
5. The levy will be applied to all hereditaments with a rateable value of £12,000 or more. 
6. The number of hereditaments for the levy is estimated at 400.
7. The BID Board will decide whether to apply an annual increase to the levy, taking account of inflation and economic conditions. The maximum figure would be 0.02%, ie: increasing the levy from 1.25% to 1.27% and so on. 
8. The owners on untenanted hereditaments will be liable for payment of the levy with no void period.  
9. Wandsworth Council, or its appointed agent, will be responsible for collection of the levy on behalf of the BID. To contact Wandsworth Council about your levy bill payment email putneybidpayments@richmondandwandsworth.gov.uk
10. VAT will not be charged on the BID levy.
11. The term of the BID will be five years from 1st April 2022 to 31st March 2027. 

BID Governance

• The management and governance of the BID will be open and transparent and will be accountable to the levy payers.
• The Putney BID operates as a not-for-profit company limited by guarantee, and as such, has a Board of Directors made up from BID levy payers.
• The Board takes responsibility for the strategic and financial management of the BID and will meet on a quarterly basis as a minimum.
• The composition of the Board reflects the breakdown of the levy payers across the town centre. It is the responsibility of the Board of Directors to ensure good governance of the BID. The BID Board advises on operational and service delivery issues, oversee performance measurement, and acts as the primary consultative body on BID services. It has responsibility for financial arrangements, contractual obligations, human resources, standards and compliance, and strategic direction.
• The BID projects, costs and timescales can be altered subject to Board approval providing the changes fall within the income and overall objectives of the BID. The BID Board make financial decisions based on the procurement policy (below). The minutes of Board meetings detail all decisions made on expenditure of the BID levy. 
• The Board will produce a set of annual accounts available to all levy payers.
• The management team will be a combination of salaried and contracted resource depending on the needs of the business during the term of the BID.

If you wish to access the ‘Register of all Pecuniary and Personal Interests’ please email your request and we will come back to you with further details. This register is updated at every Board meeting and minuted.

If you are a BID levy paying business and interested in becoming a BID Director then please do contact Nicola for a discussion on what the responsibilities entail and consideration when a vacancy arrives.