TaxCorporate TaxLondon business faces higher Olympic bill

London business faces higher Olympic bill

London businesses could face a huge bill for hosting the 2012 Olympic Games under proposals being considered by the government.

Link: FDs lend support to Olympic bid

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.

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