Business Rate Supplements Act 2009
- Type of Bill:
- Government Bill
- Sponsors:
- Hazel Blears
Department for Communities and Local Government - Baroness Andrews
Department for Communities and Local Government
Progress of the Bill
Bill started in the House of Commons
- House of Commons
-
- House of Lords
-
-
- Royal Assent
Last event
-
Royal Assent 2 July, 2009
|
02.07.2009
Act of Parliament
| House | Act | Date |
|---|---|---|
|
Business Rate Supplements Act 2009 c.7 | PDF version, 264KB | 02.07.2009 |
Latest news on the Business Rate Supplements Act 2009
Following agreement by both Houses on the text of the Bill it received Royal Assent on 2 July. The Bill is now an Act of Parliament.
Summary of the Business Rate Supplements Act 2009
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.
Key areas:
- Only the highest tier of local authority will be entitled to levy rates; in London the power will rest with the Greater London Authority
- business rate supplement revenues must be spent on economic development
- a national upper limit of 2p per £1 of rateable value will apply
- stipulations are made for consultation with business and matters concerning the prospectus for each scheme
- circumstances are specified in which a ballot will be required and provisions made for regulating such ballots
- all properties with a rateable value of £50,000 or less will be exempt.
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