The Greater London Authority is inviting comments on proposals to levy a Business Rates Supplement (BRS) to help finance the Crossrail scheme.
From April 2010 a 2p supplement will be applied to business properties with a rateable value of £50,000 or more, although some premises such as charities and sports clubs will be entitled to full or partial exemption.
Mayor of London, Boris Johnson, said: “Despite the economic climate it is essential that we do not allow our investment in the future to falter. We need to take a long view and move ahead with projects that will ensure that we emerge from the downturn in the best possible shape.”
It’s expected that the income generated from the supplement will contribute around £4.1bn to the scheme’s funding.
City Hall says seventy per cent of the BRS will be collected from boroughs which have a station on the Crossrail route.
The prospectus and summary leaflet is available on the GLA website at: www.london.gov.uk/crossrail-brs