Business Rate Supplements Act 2009

<p>The Bill will create a new power for upper tier local authorities in England and Wales to levy a local supplement on the business rate and to retain the proceeds for investment in that area. </p><p><strong>Key areas:</strong></p><ul><li>Only the highest tier of local authority will be entitled to levy rates; in London the power will rest with the Greater London Authority </li><li>business rate supplement revenues must be spent on economic development </li><li>a national upper limit of 2p per &pound;1 of rateable value will apply </li><li>stipulations are made for consultation with business and matters concerning the prospectus for each scheme</li><li>circumstances are specified in which a ballot will be required and provisions made for regulating such ballots </li><li>all properties with a rateable value of &pound;50,000 or less will be exempt. </li></ul><p> </p>