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APC > Local Taxation & Assessment > Flashcards

Local Taxation & Assessment Flashcards

1
Q

What are the current UBR’s/multipliers?

A

0.499 for RV’s of less than £51k
0.512 for RV’s of £51k+

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2
Q

Where do different UBR’s apply?

A

City of London, Wales & Scotland

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3
Q

When was the latest list published?

A

1st April 2023 (Eng and Wales)

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4
Q

What does AVD stand for?

A

Antecedent Valuation Date

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5
Q

When was the AVD for current list?

A

1st April 2021

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6
Q

What are the 6 rules for a hereditament to exist?

A

Single Rateable Occupier
In a billing authority
Be capable of separate occupation
Single Geographical Unit
Single Use
Single definable position

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7
Q

What is a Rateable Value?

A

ANNUAL RENTAL VALUE on the AVD of a property, assuming a HYPOTHETICAL TENANCY

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8
Q

What are the 7 assumptions of a hypothetical tenancy?

A
  1. Vacant
  2. Let on Annual tenancy
  3. FRI
  4. In good repair
  5. Tenant pays rates
  6. Current use
  7. Only minor alterations
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9
Q

What is the tone of the list?

A

When there is enough comparable evidence to set a tone

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10
Q

What are the three methods of rating valuation?

A

Profits (R&E)
Comparable
Contractor

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11
Q

What is transitional relief?

A

A scheme to lessen impact of increased RV’s, with an upward cap to limit increases (and previously downward cap to limit decreases)

Different caps for small, medium and larger properties.

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12
Q

What is the RICS Guidance on business rates?

A

4th Edition, Rating Consultancy Code of Practice, 2017

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13
Q

What is a completion notice?

A

VOA can serve a notice on constructed/renovated properties to prevent them avoiding paying rates by not completing construction of building.

This is in accordance with section 46a of the Local Government Finance Act 1998.

Specifies proposed completion date when building is deemed to be completed.

There is a right of appeal.

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14
Q

What happens with partially vacant properties?

A
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15
Q

What are the exemptions for business rates liability?

A
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16
Q

What reliefs exist?

A
17
Q

What has changed in the latest Spring Budget surrounding business rates?

A
18
Q

What is the Newbigin v Monk (2015) case about? Which court was it settled at?

A
19
Q

What is the Woolway v Mazars (2015) about? Which court was it settled at?

A
20
Q

What is the Lotus and Delta v Culverwell case about? Which court was it settled at?

A
21
Q

What did the Non Domestic Rating Act 2023 introduce?

A
  1. Improvement Relief
  2. Heat Network Relief
  3. Duty to Notify and Annual Declaration
  4. Changes to MCC’s (can be for refurbished buildings)
22
Q

What is the material day?

A

Standard for MCC - refers to the specific day on which certain relevant matters are taken into account for valuation purposes when considering alterations to a rating list (e.g. physical characteristics)
AKA the day circumstances are valued.

23
Q

What is the effective day?

A

The effective date is the specific date on which the rateable value of a non-domestic property (such as a commercial building) becomes effective for rating purposes. (e.g. start of list 01 April 2023)

24
Q

What is a RV?

A

ANNUAL RENT that a property can let for on the OPEN MARKET on a set day with certain assumptions on tenancy…

25
Q

What is an internal MCC?

A

Split, merger, deletion

26
Q

What is an external MCC?

A

Roadworks, new development nearby stealing competition, competing business

27
Q

What is a hereditament?

A

A property which is assessed for rating purposes.

28
Q

What is SBRR?

A

You will not pay business rates on a property with a rateable value of £12,000 or less, if that’s the only property your business uses.

For properties with a rateable value of £12,001 to £15,000, the rate of relief will go down gradually from 100% to 0%.

You can claim SBRR on more than one property if:
1. None of your other properties have a rateable value above £2,899
2. The total rateable value of all your properties is less than £20,000 (£28,000 in London)

29
Q

What are business rates reliefs?

A

Improvement relief! (Spring budget)
s44a (partly empty)
Empty rates relief
SBRR
Transitional Relief
Charitable Rates Relief
+
Rural rate relief
Enterprise Zones
Hardship Relief
Heat Network Relief

30
Q
A

APC (7 decks)

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