BID levy rules

Boundary: The defined BID Area in this proposal includes all roads, streets and private developments within the defined boundary, even if they are not listed yet or are created after the ballot has taken place as indicated on the accompanying plan.

• The term of the BID will be five years from 1st April 2024 to 31st March 2029.
• Reliefs and discounts do not apply to the BID levy.
• All non-domestic properties or hereditaments with a rateable value of £10,000 or more will be required to pay the levy. This represents no change to the threshold.
• The BID levy of 1.4%, based on rateable value, is fixed and will not fluctuate with any changes to the national Valuation Office Agency (VOA) valuations, during the BID term. The rateable value will be based on the 2023 VOA listing. This applies to all new hereditaments, or splits and merges, where a 2023 listing is available, or a later listing where a 2023 rateable value is not available.
• Billing is carried out on behalf of the BID by the billing authority Reading Borough Council.
• Billing will follow the principle of ‘daily charging’, mirroring the approach of the business rate system. The charge is broken down to each day of the year thereby managing refunds and rebilling as each change to occupation occurs.
• The BID levy of 1.4% will be collected annually in advance. Collection and enforcement of the BID levy will follow the same process as applied to business rates.
• If vacant, the liability of the BID levy will be the responsibility of the non-domestic ratepayer for  each hereditament.