Common use of CHANGES IN RATEABLE VALUE Clause in Contracts

CHANGES IN RATEABLE VALUE. Where the Council is notified of a change in the Rateable Value of a Hereditament by the VOA by way of a schedule update (an RV Change) then the Council will calculate the adjustment to the BID Levy pursuant to the later of the following dates: the Effective Date of such change; or 1 April of the Financial Year in which the relevant schedule update is issued. Where the Council is notified of a change in the Rateable Value of a Hereditament by the Valuation Officer by way of a schedule update and such change relates to: a new entry in a Rating List (whether as the result of a new Hereditament or the split or merger of previously existing Hereditament(s)); or a reduction in the Rateable Value to £0 or £1; or a increase in the Rateable Value a deletion of the Hereditament from the Rating List, then the Council will calculate the adjustment to the BID Levy pursuant to the Effective Date of such change. The Council will only issue refunds of the BID ▇▇▇▇ in respect of an RV Change for the Chargeable Period in which the RV Change occurs. There will be no refunds in respect of the previous Chargeable Period except where clause 4.2 applies Liability for the BID ▇▇▇▇ will fall on the Occupier of the Hereditament on the relevant day. If a Hereditament is Unoccupied, the liability for the daily BID Levy will fall on the organisation / person Entitled to Possession of the Hereditament on the relevant day. A BID Levy Payer will not receive an allowance towards the BID ▇▇▇▇ in relation to an Unoccupied Hereditament. A BID Levy Payer will not receive a three months void exemption or any other Unoccupied rate exemption in relation to Unoccupied Hereditaments or Hereditaments that become Unoccupied during the BID Term, unless such Unoccupied Hereditament is a Listed Building in which case it will receive full exemption from the BID Levy. If on a particular day there is no NDR Payer in existence in respect of a Hereditament then no BID ▇▇▇▇ is payable on that day in respect of that Hereditament. If on a particular day a BID Levy Payer is in receipt of NDR Mandatory Relief in respect of a Hereditament then the BID Levy for that day will be reduced by 80% and such 80% allowance will be applied after first applying any other applicable allowances. There will be no allowances applicable to the BID Levy corresponding to NDR Discretionary Relief, NDR Hardship Relief, NDR (Section 44A) (Partly Occupied) Relief, NDR Small Business Rate Relief or NDR Transitional Phasing. All Hereditaments with charitable status and in receipt of mandatory charitable relief from business rates will receive an 80% discount on the BID Levy. The BID levy per hereditament is capped per financial at £35,000 for 2025/26, increasing from 1.4.2026 and annually thereafter by up to 3% The BID levy for organisations in the same commercial group (as determined by the BID board) will be limited to a shared cap of £35,000 for 2025/26, increasing from 1.4.2026 and annually thereafter by up to 3%

CHANGES IN RATEABLE VALUE. 4.1 Where the Council is notified of a change in the Rateable Value of a Hereditament by the VOA by way of a schedule update (an RV Change) then the Council will calculate the adjustment to the BID Levy pursuant to the later of the following dates: : 4.1.1 the Effective Date of such change; or or 4.1.2 1 April of the Financial Year in which the relevant schedule update is issued. . 4.2 Where the Council is notified of a change in the Rateable Value of a Hereditament by the Valuation Officer by way of a schedule update and such change relates to: : 4.2.1 a new entry in a Rating List (whether as the result of a new Hereditament or the split or merger of previously existing Hereditament(s)); or or 4.2.2 a reduction in the Rateable Value to £0 or £1; or or 4.2.3 a increase in the Rateable Value Value 4.2.4 a deletion of the Hereditament from the Rating List, then the Council will calculate the adjustment to the BID Levy ▇▇▇▇ pursuant to the Effective Date of such change. . 4.3 The Council will only issue refunds of the BID ▇▇▇▇ in respect of an RV Change for the Chargeable Period in which the RV Change occurs. There will be no refunds in respect of the previous Chargeable Period except where clause 4.2 applies applies 5.1 Liability for the BID ▇▇▇▇ will fall on the Occupier of the Hereditament on the relevant day. . 5.2 If a Hereditament is Unoccupied, the liability for the daily BID Levy will fall on the organisation / person Entitled to Possession of the Hereditament on the relevant day. . 6 BID LEVY ALLOWANCES 6.1 A BID Levy Payer will not receive an allowance towards the BID ▇▇▇▇ in relation to an Unoccupied Hereditament. . 6.2 A BID Levy Payer will not receive a three months void exemption or any other Unoccupied rate exemption in relation to Unoccupied Hereditaments or Hereditaments that become Unoccupied during the BID Term, unless such Unoccupied Hereditament is a Listed Building in which case it will receive full exemption from the BID Levy. . 6.3 If on a particular day there is no NDR Payer in existence in respect of a Hereditament then no BID ▇▇▇▇ is payable on that day in respect of that Hereditament. . 6.4 If on a particular day a BID Levy Payer is in receipt of NDR Mandatory Relief in respect of a Hereditament then the BID Levy for that day will be reduced by 80% and such 80% allowance will be applied after first applying any other applicable allowances. . 6.5 There will be no allowances applicable to the BID Levy corresponding to NDR Discretionary Relief, NDR Hardship Relief, NDR (Section 44A) (Partly Occupied) Relief, NDR Small Business Rate Relief or NDR Transitional Phasing. All Hereditaments with charitable status and in receipt of mandatory charitable relief from business rates will receive an 80% discount on the BID Levy. The BID levy per hereditament is capped per financial at £35,000 for 2025/26, increasing from 1.4.2026 and annually thereafter by up to 3% The BID levy for organisations in the same commercial group (as determined by the BID board) will be limited to a shared cap of £35,000 for 2025/26, increasing from 1.4.2026 and annually thereafter by up to 3%.