Crossrail Business Rates Supplement
Cross London Rail Links (Crossrail) is a joint venture company formed by Transport for London and the Department for Transport, which was established in 2001. This is a vital new east-west train link that will provide a major boost to Londons economy.The Mayor of London is proposing to introduce an annual Business Rates Supplement (BRS) from 1st April 2010 intended to finance £4.1 billion of the Greater London Authoritys (GLA) agreed contribution towards the £15.9 billion Crossrail project. A levy of 2p on non-domestic properties with a rateable value of £55,000 or more in London is planned. This supplement will help to pay for Crossrail and is expected to run for between 24 and 30 years, until the GLAs borrowing is repaid. Properties with rateable values below £55,000 will not be liable for any BRS. Under the current Rating List this would mean that 85% of all properties in London will be exempt from paying the BRS. This proportion could change following the 2010 revaluation. Eligible charities and community amateur sports clubs will be entitled to a mandatory 80% relief (or in some cases full relief) on their BRS contribution as applies under the National Non-domestic Rates (NNDR). The Mayors intention at this stage is that empty properties will be liable for the Crossrail BRS, unless the properties are still eligible for empty property relief under the NNDR system.