|
|
 |
| Click on + to view more
information |
|
| Rate Bill Implications |
 |
| The object of a Revaluation is to re-align the
tax base with values then current in the property
market, so the impact will vary, depending on
property type and location. In areas and categories
where there has been strong rental growth between
2003 and 2008, rateable values are likely to increase
as a result of the Revaluation, with a consequent
increase in rate bills. |
 |
| Transition
|
|
| For previous Revaluation, the government has introduced transitional adjustments limiting annual increases and decreases. The current regulations have been set with a view to removing transitional adjustments and these have been completely removed in Wales. There have been no announcements as yet on this issue. |
|
| Collecting Evidence
|
|
| The Revaluation process begins with the Valuation
Office collecting information on its “rent
return” forms. The issue of new forms is
expected to continue as the Valuation Office prepares
its evidence to defend the new valuations when
they take effect in April 2010. Announcements
on the Uniform Business Rate (tax rate) and the
transitional scheme are planned for the end of
2008 with the draft rateable values will be available
on the Valuation Office website. |
|
| Making Appeals
|
|
The rateable values will be open for appeal
from 1 April 2010 and businesses will need to
consider whether appeals should be made. Appeals
are made against the rateable value, not the
rate bill and the potential for reducing rateable
values is not dependent on whether the valuation,
or the bill, is increased or reduced from the
preceding year.
Appeal regulations have differed for each Revaluation since 1990; however, the Government is pleased with the reduction in appeals on the
Revaluation and may seek to impose similar appeal regulations in the 2010 Revaluation, though a formal announcement is unlikely for some time. |
|
|
|
|
