BID Levy Rules

  • The Renewal BID term will be for 5 years from 1 April 2022 to 31 March 2027 
     

  • The BID levy will be 1% of Rateable Value (RV) using the current Rating List
     

  • The BID levy will be charged on all properties in the BID area which appear in the Rating List with a Rateable Value (RV) of £25,500 or more. Within the Business Design Centre or designated shared workspaces, only businesses with a RV of £50,000 or above will pay the 1% levy contribution
     

  • The BID levy payable for any hereditament shall not exceed £25,000 per annum
     

  • Ratepayers in receipt of mandatory charitable relief from business rates shall receive a 50% discount on the BID levy 
     

  • A ratepayer will be liable to pay the BID levy on an unoccupied property without any void period or any empty allowance
     

  • The BID levy will be a daily charge, paid annually in advance 
     

  • There will be no VAT charged on the BID levy
     

  • Islington Council is responsible for collecting the levy on behalf of Angel BID Ltd
     

  • Properties that come into the Rating List during the BID term will be subject to the BID levy from the effective date that the property is brought into the Rating List and the RV effective at that time
     

  • Where the RV for a hereditament (rateable business unit) changes and results in a lower BID levy, this comes into effect only from the start of the financial year in which the change is made and no refunds of the BID levy will be made for previous years
     

  • The Angel BID Ltd Board will be able to alter the BID arrangements, without an alteration ballot, so long as any alterations do not:

    • Alter the geographical area of the BID

    • Cause anyone to pay the BID levy who was not liable to pay it before or increase the amount of the BID levy for anyone

    • Conflict with the Local Government Act 2003 or The Business Improvement District Regulations 2004.

 

A full copy of the BID levy rules can be found on our website www.angel.london