New business tax to help pay for Crossrail
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.
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The Greater London Authority is expected to contribute around �4.1bn to the Crossrail link which will be operating from 2017.