129N.— (1) On determining the annual BID multiplier for a chargeable period under section 129M, the rating authority shall impose and collect for that chargeable period a BID contribution levy on each rateable property in the business improvement district in respect of which the BID scheme applies.

(2) Subject to subsection (3), the amount of the BID contribution levy in respect of a rateable property described in subsection (1) is to be determined by the formula

A x B

where

A is the annual BID multiplier for the relevant chargeable period, and

B is the valuation of the rateable property, according to the latest valuation list in force on the date that that BID multiplier is determined.

(3) If a rateable property described in subsection (1) is unoccupied on the date that the annual BID multiplier is determined, the amount of the BID contribution levy is to be determined by applying the formula set out in subsection (2) and dividing that result by 2.

(4) Notice of the BID contribution levy imposed on a rateable property under this section shall be sent by post or otherwise delivered to the person liable to pay the levy for that property under subsection (5) (the "BID levypayer") and the notice shall include the following information:

(a) the amount of the BID contribution levy;

(b) the date by which the BID contribution levy is due and payable and the manner in which it is to be paid.

(5) The following are liable to pay the BID contribution levy for a rateable property under this section:

(a) the person who is in occupation of the property on the date that the annual BID multiplier is determined;

(b) if the property is unoccupied on the date referred to in paragraph (a), the person who owns the property on that date.

(6) The date specified under subsection (4)(b) may not be less than 14 days from the date that the notice is sent under that subsection.

(7) The BID levypayer shall pay the full amount of the BID contribution levy to the rating authority by the date specified under subsection (4)(b).

(8) The BID contribution levy for which a BID levypayer is liable under this section is recoverable as a simple contract debt in any court of competent jurisdiction and, if there is more than one such levypayer in respect of a rateable property subject to the levy, those levypayers are jointly and severally liable for that levy.

(9) A BID contribution levy is not invalidated by any error or defect in the statement of the name of the BID levypayer in the notice under subsection (4) or by the use of the description "the owner" or "the occupier" without any name or addition, and the levy is recoverable from the BID levypayer notwithstanding any such error or defect or the use of any such description.

(10) For the purposes of this section, rateable property is "unoccupied" if the person who owns the property on the date that the annual BID multiplier is determined (the "owner") satisfies the rating authority that—

(a) the owner was not occupying the property on that date,

(b) no other person was entitled to the use or enjoyment of the property on that date, and

(c) acting in good faith, the owner was genuinely unable to find a suitable tenant for the property at a reasonable rent.]