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New business tax to help pay for Crossrail

PUBLISHED: 16:02 30 July 2009 | UPDATED: 14:38 05 October 2010

Else Kvist

A bid to introduce a business tax to help fund the £15.9 billion Crossrail project has been put forward by the London Mayor. A business booklet was published today outlining Boris Johnson s proposals to introduce a levy on larger businesses to help pay

A bid to introduce a business tax to help fund the £15.9 billion Crossrail project has been put forward by the London Mayor.

A business booklet was published today outlining Boris Johnson's proposals to introduce a levy on larger businesses to help pay for the transport link connecting East and West London.

A business rates supplement of 2p is to be introduced from April 2010 for businesses properties worth £50,000 or more.

Charities, sports clubs and some other categories will be either fully or partly exempted.

Mr Johnson said: "Despite the economic climate it is essential that we do not allow our investment in the future to falter. We need to take a long view and move ahead with projects that will ensure that we emerge from the downturn in the best possible shape.

The Greater London Authority is expected to contribute around £4.1bn to the Crossrail link which will be operating from 2017.


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