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Business rate supplement legislation gets Royal Assent

Jennifer Sprinks, Regen.net, 3 July 2009

Legislation that will give councils powers to raise a business rate supplement to fund economic development has received Royal Assent.

The Business Rate Supplements Act provides unitary councils, county councils and the Greater London Authority with a new discretionary power to raise a supplement on the business rate and retain those funds to support projects promoting economic development.

The new powers will enable the GLA to raise funds towards the Crossrail project.

Councils will have a duty to consult liable businesses when making decisions to levy a business rate supplment.

 

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