Finance

Ilford Business Improvement District (BID) collects an annual levy from non-domestic ratepayers within the BID area with a rateable value of over £10,000 and the levy is derived from 1.65% of the rateable value. There are exceptions to this rule, with varying levy rates for charities, charity shops and managed shopping centres. For further details, please read the BID Levy Rules 2019-2024.

Redbridge Council is required to collect and recover the levy based on the rules for Non-Domestic Rates and can make a charge for the cost of collecting the levy. The Business Improvement Districts (England) Regulations 2004 Act covers this collection.

The levy is based on the Non-Domestic Rating List as of 1 April in the year of the collection of the levy. The levy is invoiced in March and includes a breakdown of income and expenditure for the forthcoming year and a comparison with the previous year.

The financial breakdown for Ilford BID is available here