A 50% reduction for credit unions with a rateable
value of up to pounds 9,000 - reducing their bill by between pounds 466 and pounds 2,097;
It is the duty of the Valuation Office Agency (VOA) to set rateable
values and in order to do this it needs to know the actual rent paid on the property.
The revelation comes as a raft of small businesses saw the amount they pay rise - in some cases by 3,000% - when rateable
values were updated earlier this year.
The final business rate level is calculated by multiplying the rateable
value with a 'multiplier' (the number of pence per pound of rateable
value) set by the government.
The new system, however, may see pressure applied to the Valuation Office by local authorities to keep rateable
values for their areas as stable as possible in order to ensure security against their own budgets.
value is an assessment of the annual rent a property would demand if it was available to let on the open market on a fixed date.
As a result of the structural flaws in the business rates regime, Lambert Smith Hampton proposes the following five point plan for reform: An early revaluation to properly reflect the economic decline of many sectors and locations since the last valuation date of 2008 The abolition of empty rates to encourage reinvestment An exemption of small buildings with a rateable
value of less than PS20,000 to be replaced by a nominal annual charge.
The advice follows the successful negotiation of a swathe of reductions in rateable
values from the 2010 List on clients' properties by GVA's specialist Business Rates team.
All business premises--whether they are owner-occupied, leased or licensed--are given a rateable
value by the Valuation Office Agency (VOA) in England and Wales.
5m of aggregate rateable
value in total, whereas the 41 who voted against had property with a rateable
value of pounds 37.
It was also announced in the Autumn Statement that businesses with assessments below a rateable
value (RV) of pounds 6,000 will see an extension of the current two-year rates holiday for a further six months.
The 57-year-old owner of Mike's Kitchen claimed high rateable
values for the area were driving away businesses and the remaining shops were suffering from reduced footfall.
Nicola Johnson, who runs multi-sensory children's nursery Bambeans, was shocked to discover the rateable
value of the property had beenuppedsubstantially after she spent pounds 100,000 of her savings renovating the previously bare-brick building in Canton, Cardiff.
Many smaller firms are unhappy about the Valuation Office Agency's assessment of their rateable
If the anomalies in rateable
value, especially in the forecourt sector, are not addressed, then those with new rateable
values well in excess of 100% could be faced with the remainder of their increase in one hit," said chief executive James Lowman.