City of London sets council tax and business rates leaving
Square Mile residents with the third lowest bills in
London
The City of London has set its 2008-9 council tax and
non-domestic rate (business rate) for the Square Mile. The Band D
council tax for the City of London for 2008/9 is set at £923.30,
which includes a precept of £82.80 for the Greater London
Authority. This places the City as the third lowest in London. Last
year’s Band D tax was £900.28 and the increase this year was 2.6% -
within which the City-set council tax rose 2.5% and the GLA-set
precept rose 3.1%.
The City of London is unique in retaining the power to determine
the level of a Business Rate Premium. Due to national changes,
overall the business rate has increased by 4%. However, the City
premium - which will raise £4.6 million to be spent on police and
security - remains at the 2007/08 level of 0.4 pence in the ratable
pound.
Thus an office site with a ratable value of £500,000 will pay
£233,000 (up from £224,000 in 2007/08). This includes the
(unchanged) business rate premium of £2,000.
Ends
Press contact
For more information, contact Greg Williams, 020 7332 1455,
07889 167 205