The BID term will be five years from 1 April 2021 to 31 March 2026

The BID levy will be applied to rated properties in the BID with a rateable value of £400,000 or more

The BID levy will be fixed at 0.65% of rateable value using the 2017 rating list as at 1 April 2021

Owner/Occupiers: If the relevant long lease or freehold property owner is part of the same group as the occupier BID levy payer for any rateable hereditament over £400,000 then the Occupier / Property Owner BID levy shall be fixed at 0.325% of RV using the 2017 rating list as at 1 April 2021 for that relevant interest

The levy will assume an annual growth rate for inflation of 3% to be applied 1 April each year;
The BID levy will only apply to retail, food and beverage and leisure hereditaments (including hotels)

The liability for the daily BID levy will fall on the eligible rate payer;
New hereditaments will be charged based on the rateable value at the point of occupation;
Where the rateable value for an individual hereditament changes and results in a lower BID levy, then this comes into effect only from the start of the financial year in which the change is made and no refunds will be made for previous years. This will be known as the closed year rule

There will be no VAT charged on the BID levy

The BID levy rules cannot be altered without an alteration ballot

No refunds will be granted on BID levy paid

The BID levy is to be paid in full within 14 days of receipt of invoice

Further details on operating agreements will be available next month

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Ownership & eligibility

The eligible owner shall be: The first lessee above the rateable occupier where the current lease is granted for a term of more than 35 years, or relevant first lessee, the freeholder.

The BID term will be five years from 1 April 2021 to 31 March 2026. In the event of the Occupier BID ceasing to exist, the Property Owner BID cannot seek renewal at the end of its present 5-year mandate

The BID levy will be applied to rated properties in the BID with a rateable value of £400,000 or more

The BID levy will be fixed at 0.65% of rateable value using the 2017 rating list as at 1 April 2021

Owner/Occupiers: If the relevant long lease or freehold property owner is part of the same group as the occupier BID levy payer for any rateable hereditament over £400,000 then the Occupier / Property

Owner BID levy shall be fixed at 0.325% of RV using the 2017 rating list as at 1 April 2021 for that relevant interest

The levy will assume an annual growth rate for inflation of 3% to be applied 1 April each year

The BID levy will only apply to retail, food and beverage and leisure hereditaments (including hotels and theatres)

The liability for the daily BID levy will fall on the eligible property owner

New hereditaments will be charged based on the rateable value at the point of occupation

Where the rateable value for individual hereditaments (rated properties) results in a lower BID levy, it will only come into effect from the start of the financial year in which the change is made. No refunds of the BID levy will be made for previous years

There will be no VAT charged on the BID levy

The BID levy will not be increased (or decreased) other than as specified in the BID levy rules

The BID levy rules cannot be altered without an alteration ballot

No refunds will be granted on BID levy paid

The BID levy is to be paid in full within 14 days of receipt of invoice

Whilst not a formal BID rule the eligible Property Owner BID levy payer should not pass the levy onto the eligible Occupier BID levy payer

Further details on operating agreements will be
available next month

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