A potential £3bn will need to be raised to finance the project, and a supplementary London business rate could contribute £625m of that.
The figure is up from an initial estimate of £550m, while the capital’s mayor, Ken Livingstone’s London Development Agency will contribute just £250m, down from an initial £550m.
The initial plans outline an extra £20-a-year charge for taxpayers for six years from 2006 if the bid was successful, while the consequences for London businesses are harder to calculate.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states