Rateable value - Revision history

Designing Buildings at 07:27, 9 November 2020

2020-11-09T07:27:39Z

← Older revision		Revision as of 07:27, 9 November 2020
Line 39:		Line 39:
	* VAT reverse charge.		* VAT reverse charge.

−	[[Category:Property_development]] [[Category:Public_procedures]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Policy]] [[Category:Property_development]] [[Category:Public_procedures]]

Designing Buildings at 11:18, 2 October 2019

2019-10-02T11:18:52Z

← Older revision		Revision as of 11:18, 2 October 2019
Line 24:		Line 24:

	* Business rates.		* Business rates.
−	* Business rates and 'reasonable repair'.
	* Capital gains tax.		* Capital gains tax.
	* Check, challenge, appeal.		* Check, challenge, appeal.

Designing Buildings at 11:18, 2 October 2019

2019-10-02T11:18:36Z

← Older revision		Revision as of 11:18, 2 October 2019
Line 1:		Line 1:
−	Rateable value is a value that is given to all non-domestic and commercial properties. It is used to assess the amount of business rates the property owner or leaseholder must pay. It is ~~typically~~ re-evaluated periodically.	+	Rateable value (RV) is a value that is given to all non-domestic and commercial properties. It is used to assess the amount of business rates the property owner or leaseholder must pay. It is re-evaluated periodically.

	The UK government’s definition of rateable value which applies to all properties is:		The UK government’s definition of rateable value which applies to all properties is:
Line 5:		Line 5:
	* ‘Rateable value represents the rental value of a property if it was let at the standard valuation date on the basis that the tenant pays for all repairs during the letting. The definition includes an assumption that the property is let in a state of reasonable repair.’		* ‘Rateable value represents the rental value of a property if it was let at the standard valuation date on the basis that the tenant pays for all repairs during the letting. The definition includes an assumption that the property is let in a state of reasonable repair.’

−	Rateable values are calculated by the Valuation Office Agency (VOA) ~~and~~ is independent from ~~distinct and~~ local authorities. The VOA gives government the valuations and property advice needed to support taxation and benefits.	+	Rateable values are calculated by the Valuation Office Agency (VOA) which is independent from local authorities. The VOA gives government the valuations and property advice needed to support taxation and benefits.

−	In a commercial property that houses numerous tenants, each unit is assigned its own RV~~. For commercial properties, the rateable value (RV) is used as the basis for business rates assessments.~~	+	In a commercial property that houses numerous tenants, each unit is assigned its own RV. Where these also incorporate a domestic property, such as a flat above the shop, they are classed as composite properties and so are valued for both business rates and council tax.
−		+
−	~~Non-domestic properties include shops and restaurants~~. Where these also incorporate a domestic property, such as a flat above the shop, they are classed as composite properties and so are valued for both business rates and council tax.	+

	Generally, disrepair does not affect a property’s rateable value unless:		Generally, disrepair does not affect a property’s rateable value unless:
Line 17:		Line 15:
	* The property has been so badly damaged by fire or flooding that it cannot be economically repaired and used.		* The property has been so badly damaged by fire or flooding that it cannot be economically repaired and used.

−	~~If a reasonable landlord considers it uneconomic to repair a property, then the rental valuation will be based on the actual state of repair.~~	+	Once rateable values have been established by the Valuation Office Agency, they are given to local authorities who use them to calculate business rates. All businesses that occupy commercial or non-domestic properties are liable for business rates.
−		+
−	Once rateable values have been established by the Valuation Office Agency, they are given ~~over~~ to local authorities ~~which~~ use them to calculate business rates. All businesses that occupy commercial or non-domestic properties are liable for business rates.	+

−	Business rates can be calculated by taking a property’s rateable value and multiplying it by the appropriate multiplier. The multiplier is how much per pound of rateable value ~~that~~ must be paid in business rates before any relief or discounts are deducted.	+	Business rates can be calculated by taking a property’s rateable value and multiplying it by the appropriate multiplier. The multiplier is how much per pound of rateable value must be paid in business rates before any relief or discounts are deducted.

−	It can be useful to know what business rates should be, either to check ~~for~~ correctness of existing rates or to assess how much they might be for a potential property purchase. Rateable values can be ~~easily~~ found by entering the appropriate postcode at ~~this~~ Gov.UK website [https://www.gov.uk/correct-your-business-rates HERE].	+	It can be useful to know what business rates should be, either to check the correctness of existing rates or to assess how much they might be for a potential property purchase. Rateable values can be found by entering the appropriate postcode at the Gov.UK website [https://www.gov.uk/correct-your-business-rates HERE].

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =

		+	* Business rates.
	* Business rates and 'reasonable repair'.		* Business rates and 'reasonable repair'.
	* Capital gains tax.		* Capital gains tax.
	* Check, challenge, appeal.		* Check, challenge, appeal.
		+	* Council tax.
	* Income tax.		* Income tax.
	* Industrial buildings allowance (IBA)		* Industrial buildings allowance (IBA)

Editor at 18:28, 26 September 2019

2019-09-26T18:28:47Z

← Older revision		Revision as of 18:28, 26 September 2019
Line 30:		Line 30:
	* Capital gains tax.		* Capital gains tax.
	* Check, challenge, appeal.		* Check, challenge, appeal.
		+	* Income tax.
	* Industrial buildings allowance (IBA)		* Industrial buildings allowance (IBA)
	* Local property tax.		* Local property tax.

Editor: Created page with "Rateable value is a value that is given to all non-domestic and commercial properties. It is used to assess the amount of business rates the property owner or leaseholder must pa..."

2019-09-23T18:20:22Z

Created page with "Rateable value is a value that is given to all non-domestic and commercial properties. It is used to assess the amount of business rates the property owner or leaseholder must pa..."

New page

Rateable value is a value that is given to all non-domestic and commercial properties. It is used to assess the amount of business rates the property owner or leaseholder must pay. It is typically re-evaluated periodically.

The UK government’s definition of rateable value which applies to all properties is:

* ‘Rateable value represents the rental value of a property if it was let at the standard valuation date on the basis that the tenant pays for all repairs during the letting. The definition includes an assumption that the property is let in a state of reasonable repair.’

Rateable values are calculated by the Valuation Office Agency (VOA) and is independent from distinct and local authorities. The VOA gives government the valuations and property advice needed to support taxation and benefits.

In a commercial property that houses numerous tenants, each unit is assigned its own RV. For commercial properties, the rateable value (RV) is used as the basis for business rates assessments.

Non-domestic properties include shops and restaurants. Where these also incorporate a domestic property, such as a flat above the shop, they are classed as composite properties and so are valued for both business rates and council tax.

Generally, disrepair does not affect a property’s rateable value unless:

* The property is in such a bad state that a reasonable landlord would consider repair to be uneconomic.
* The property is in such a bad state that a reasonable landlord might repair only part of it.
* The property has been so badly damaged by fire or flooding that it cannot be economically repaired and used.

If a reasonable landlord considers it uneconomic to repair a property, then the rental valuation will be based on the actual state of repair.

Once rateable values have been established by the Valuation Office Agency, they are given over to local authorities which use them to calculate business rates. All businesses that occupy commercial or non-domestic properties are liable for business rates.

Business rates can be calculated by taking a property’s rateable value and multiplying it by the appropriate multiplier. The multiplier is how much per pound of rateable value that must be paid in business rates before any relief or discounts are deducted.

It can be useful to know what business rates should be, either to check for correctness of existing rates or to assess how much they might be for a potential property purchase. Rateable values can be easily found by entering the appropriate postcode at this Gov.UK website [https://www.gov.uk/correct-your-business-rates HERE].

= Related articles on Designing Buildings Wiki =

* Business rates and 'reasonable repair'.
* Capital gains tax.
* Check, challenge, appeal.
* Industrial buildings allowance (IBA)
* Local property tax.
* PAYE.
* Rate relief schemes.
* Rates.
* Staircase tax.
* Stamp duty.
* Tax relief.
* VAT.
* VAT reverse charge.

[[Category:Property_development]] [[Category:Public_procedures]]