The levy will be due on 1st April each year and will be payable in full in one single instalment.
There will be no refund if the BID levy payer vacates the premises during the year, therefore steps should be taken where appropriate to apportion liability with incoming tenants, landlords or freeholders.
Where new properties come into the ratings list, or mergers or splits occur, the hereditament or premises, will be charged as per the current ratings list at that time.
Where a property is empty, the levy liability will transfer to the eligible ratepayer which may be the property owner.
Before the end of the five year term Croydon BID Board may seek renewal of the BID for a further five year term, through a renewal ballot.
Working Out Your Bid Levy
To calculate the amount of levy payable, simply multiply by 0.01, the rateable value of the business unit based on its rateable value as at 1st April each year. For example:
|Typical rateable value||Annual BID levy|