The BID levy is 1.25% of the rateable value of your business premises, and payment will be required from September 2015, when you will receive a request for payment which will be separate from your normal business rate demand.It is estimated that the BID levy will raise almost £100,000 each year over five years.
In common with the business rate demand it is a compulsory payment, whether or not you voted in favour of the Ulverston BID proposal.
However, unlike the business rate, you as an Ulverston business owner have the opportunity to control how that money is spent.
All payments will go into a dedicated fund which can be accessed only by the Ulverston BID company. A small proportion of the fund will be used to finance collection by South Lakeland District Council on behalf of the BID board. But the rest will be used to benefit the town, and is controlled by the management board of the Ulverston Business Improvement District limited company.