Statutory formulae for rating valuation
Premises of certain public utility undertakings such as the electricity suppliers, British Gas, British Rail Board, Network Rail (ex-Railtrack) and water authorities may be valued by formula prescribed by statute. ‘Non-operational’ premises, eg electricity and gas showrooms and offices not on operational land, are rateable in the usual way. Dwelling houses are deemed to be excluded from the value arrived at by the formula.
Where a statutory formula is provided, no other method may be used.
The Government has made it clear that it intends to value all such properties by conventional methods of rating valuation as soon as practicable, and has already removed the use of a statutory formula from the hereditaments of British Waterways, British Telecom, Docklands Light Railway and many others. It is the Government’s intention that all formula-rated properties will be conventionally valued, and the current plans are for this to be completed by 2005. As at the date of writing (June 2005), this process is continuing.
This article was created by --University College of Estate Management (UCEM) 17:09, 6 December 2012 (UTC)
[edit] Related articles on Designing Buildings Wiki
Featured articles
Check out some of the best features and news from Designing Buildings as well as key stories from around the web.
Electrical contractors need to understand the practical implications.
The real barrier to getting more value from digital technology.
Your guide to The Construction Reset at UKCW Birmingham.
Accommodating the Victorian and Edwardian working woman. Book review.
Rethinking passive fire protection in design
PFP demands the same level of design rigour as structure or services.
38% of Gen Zs feel safe when a fire door is wedged open.
Stunning images from around the world
Shortlist for CIOB’s Art of Building photography competition.
Guidance for conversion of traditional pre-1919 stone buildings.
Industrial heritage in the Ruhr
A marked difference to the fate of industrial landscapes in the UK.
Communities will be able to build their own clean energy.
Why diversity and inclusion matters for SMEs
CIOB’s D&I Charter shows how practical changes can support long-term growth.
Cut electricity bills to power growth
Coalition sends joint letter to the Chancellor.