Business Rate Supplements (BRS)
The Business Rate Supplements Act 2009 enables levying authorities - county councils, unitary district councils and, in London, the Greater London Authority - to levy a supplement on the business rate to support additional projects aimed at economic development of the area. Business Rate Supplements (BRS) are not applicable to properties with a rateable value of £50,000 or below, and authorities have discretion to increase that threshold.
The GLA have exercised their discretion and have increased the threshold to £55,000.
The total maximum BRS which may be levied by a levying authority is 2p per pound of rateable value. Levying authorities have the power to apply such reliefs to the BRS as they think appropriate and in such cases must include an explanation of the rules for the application of those reliefs in the final prospectus for the BRS.
This Business Rate Supplement is being levied by the Greater London Authority in relation to the Crossrail project. Further information may be found in the BRS project prospectus, “Intention to levy a Business Rate Supplement to finance the Greater London Authority’s contribution to the Crossrail project – Final Prospectus.”