5 March 2009
City of London sets rates for Square Mile residents
The City of London has set its 2009-10 council tax and
non-domestic rate (business rate) for the Square Mile.
The Band D residential council tax for the City of London for
2009/10 is set at £942.79 which includes a precept of £85.48 for
the Greater London Authority.
Last year’s Band D tax was £923.30 (including GLA-set precept)
and the increase this year was 2.1 % within which the City-set
council tax rose 2% and the GLA-set precept rose 3.2%.
The City of London is unique in retaining the power to determine
the level of a Business Rate Premium. This premium - which will
raise £4.6 million to be spent on police and security - remains at
the 2007/08 and 2008/09 level of 0.4 pence in the rateable
pound.
The national non-domestic rate has increased from 46.2p to 48.5p
in the pound. The total rate therefore has increased from 46.6p in
the pound to 48.9p in the pound. Thus an office site with a
Rateable Value of £500,000 will pay a rate bill of £244,500.
The small business rate for properties with a Rateable Value to
£21,500 has increased from 45.8p to 48.1p in the pound. The
total rate for small businesses therefore has increased from 46.2p
in the pound to 48.5p in the pound.
Ends
Notes to editors
About the City of London Corporation: The City of London
Corporation provides local government services for the Square Mile,
the financial and commercial heart of Britain. The Corporation
works nationally and internationally to maintain and enhance the
City as a world-leading international financial and business
centre. It also serves London and the UK with special
responsibilities such as the Barbican Arts Centre, the Central
Criminal Court at the Old Bailey, 10,000 acres of open space
including Hampstead Heath and Epping Forest, three wholesale food
markets, three inner-London City Academies, the City Bridge Trust,
economic regeneration programmes in neighbouring boroughs and
acting as London’s Port Health Authority.
Press contact
Susanna Howard
Press Office
susanna.howard@cityoflondon.gov.uk
020 7332 3450