Local tax Flashcards
What was the last thing you read in Modus?
Women on top: making surveying more female friendly.
It was about the only three RSS presidents talking about how the industry has become more inclusive over the course of their careers
Tell me about the last CPD session you had?
Rating surveyors association covered leading cases such as Woolway v Mazars.
And the purpose of rating valuation
What would you need to submit to the valuation office agency for a challenge appeal?
Supporting evidence and a statement to explain why the rating list should be altered
What would the Valuation office agency provide if they were satisfied with the evidence?
A check decision notice
Instruct the billing authority to refund the client back to 2017
What are the timelines for the check, challenge, appeal process?
The VOA have 12 months to respond to a check.
They have 18 months to issue a challenge decision notice.
Following the lapse of the 18 month. The challenge would be deemed complete
The rate payer has the right to appeal to the valuation tribunal
What are the components of rateable occupation?
Beneficial occupation
exclusive occupation
Actual occupation
Permanence or transience
What are business rates?
An annual tax paid on Non-domestic properties
What is a rateable value?
It is used to assess the amount of business rates payable
Set by valuation office agency
For rating what are the hypothetical tenancy assumptions?
Vacant
Available for let On an annual tenancy
FRI terms
In good repair
Current use
What are the uniform business rates?
- 9p for under 51,000 RV
51. 2p for over 51,000 RV
Three methods of valuation for rating?
Comparable, contractors, profits
Tell me about the Newbegin v SJ and Monk case?
The VOA one respect of the interpretation of repairs v improvements
In 2017 the Supreme Court reversed this decision. Therefore properties undergoing refurbishment should be exempt from business rates if unusable
Tell me about Woolway v mazars?
The VO won the appeal at the Supreme Court to assess hereditaments separately if they are separated by common areas
In 2018 the pico act allowed hereditaments to merge it’s contagious
What small business rates relief?
Given to businesses with an RV to 12,000 no rates are payable.
From 12,000 to 15,000 that is tapered relief between 100% and 0%
Relief is given to one property
What relief to the government give to to Covid?
They provided 100% relief for retail leisure and hospitality sectors until 30 June.
Grants of £10,000 were made available to small businesses with an RV up to 15,000
1.5 billion relief fund for businesses affected by COVID-19
