Lincoln Big    Press & Media    Latest News    Good News On Business Rates!

Good News On Business Rates!

The Budget announcement on March 11 re rates relief - saying that shops, restaurants, pubs and a range of other venues and spaces will not pay business rates in the year from April 6 - will be welcomed by our BID levy payers that will benefit from the initiative.

Date: 16th Mar '20
1.

Lincoln BIG took part in two important policy consultations that helped to inform the Chancellor's decision, working with other BIDs through the national membership body, The BID Foundation.  

As part of the service we provide to our levy payers, we take every opportunity to represent your concerns to policy makers. 
 
I am eligible for rates relief - will I still have to pay my BID levy?
 
Yes. 
 
Your BID levy is calculated using rateable value and liability terms set out by the BID.  The only other link between rates and the bid levy is that the levy is collected by the local authority.  At this point, the relationship ends. 
 
Once collected, the levy revenue comes directly to us at the BID, to spend on local priorities which are identified by levy payers as important (and therefore detailed in our business plan). 
 
Business rates, on the other hand, are not all retained by the local authority - usually 50 per cent of the revenue goes to central government. 
 
Lincoln BIG, in line with hundreds of other BIDs around the UK, was established to raise sustainable revenue and to use this to fund targeted improvements in the trading environment that are often not supported by local authority or national government funding.  We will continue to work for the benefit of the local area and our levy payers, making best use of our BID levy funding.