Crossrail explanatory notes 2022-23
Crossrail and how will it benefit your business
Crossrail is London’s newest railway. It will connect the outer suburbs and Heathrow airport to the West End, the City and Canary Wharf. Crossrail is vital to the future of London’s economy. It will bring increased earnings, new jobs and quicker journeys to businesses across London.
It will be named the Elizabeth line in honour of Queen Elizabeth II.
The section through central London is expected to open in the first half of 2022.
For more information:
- visit the Crossrail website
- call the Crossrail 24 hour helpdesk on 0345 602 3813
- email the Crossrail helpdesk
- write to Crossrail at: Finance, GLA, City Hall, London E16 1ZE
Developments in the funding of Crossrail
The previous Mayor of London agreed on a funding settlement with the government in 2010 for the Crossrail scheme.
The Mayor and the Secretary of State for Transport agreed on revised funding packages for Crossrail in December 2018 and November 2020.
How London’s businesses help fund Crossrail
In April 2012, the previous Mayor introduced a Community Infrastructure Levy (MCIL) on new developments in London to finance Crossrail. The developer pays this levy.
Business ratepayers of larger properties have contributed through a special Crossrail Business Rate Supplement (BRS) since April 2010.
Under the current funding package, the GLA is expected to contribute a total of around £6.9 billion towards Crossrail. This is financed through the MCIL and the BRS. The BRS will need to be levied until the GLA’s Crossrail-related borrowing is repaid. This should be no later than March 2041, in line with the published Crossrail BRS prospectus. The policies for the BRS in 2022-23 remain unchanged from last year.
When businesses pay the Crossrail BRS
Your rates bill makes it clear whether you are liable to pay the BRS. It applies only to assessments with a rateable value above £70,000 in London. This threshold means that at least 85 per cent of the capital’s non-domestic properties will be exempt in 2022-23.
If your property’s rateable value is above £70,000
The Crossrail BRS multiplier for 2022-23 remains at 2p per pound of rateable value.
Reliefs for the Crossrail BRS will apply on the same basis and at the same percentage rate as for your national non-domestic rates (NNDR) bill. However, there is no transitional relief scheme for the BRS.
Keeping you up to date
We will give ratepayers an annual update over the lifetime of the BRS.