From 1 April 2010, those ratepayers whose assessment has a Rateable Value in excess of £55,000 are subject to an additional levy from the Greater London Authority on their Business Rates to fund the Crossrail project.
The Crossrail project aims to deliver much needed additional accessibility into Central London from the East and West and reduce pressure on the tube and rail networks across the capital.
It is anticipated that providing new links will promote regeneration and benefit businesses.
The Mayor intends to set a basic Business Rate Supplement multiplier of 2p for each year of the Crossrail Business Rate Supplement commencing in April 2010.
The chargeable period for the Business Rate Supplement is expected to be 24-30 years with a target end date of 2036-37. The Crossrail route is set for completion by 2018.
The Mayor will apply a minimum Rateable Value threshold of £55,000 for the Crossrail Business Rate Supplement which may be revised upwards in any year and automatically having regards to the average movement in Rateable Values in London following each general revaluation.
Therefore properties with an Rateable Value of £55,000 in April 2010 will not be liable for Business Rate Supplement - but those properties at £55,001 and higher will.