How is the BID levy calculated?
It will be 1% of your hereditament’s rateable value (except in respect of covered shopping centres where occupiers already pay a service charge eg Armada Centre, where any relevent hereditment will be charged at 0.5% of the rateable value). So if your rateable value is £10,000.00 you will have to pay £100. It is calculated on a daily rate liability, so if you vacate the premises during the life of the BID term you will only have to pay for the period you occupied the premises.
This can vary according to the BID proposal. In the case of WQBA’s BID, It will be 2% of each hereditament’s rateable value (1% for a charity qualifying for mandatory rate relief). So if your rateable value is £10,000.00 you will have to pay £200 per annum (or £100 per annum for a charity). It is calculated on a daily rate liability, so if you vacate the premises during the life of the BID term you will only have to pay for the period you occupied the premises.
