The rateable value is the hypothetical rental value of your property at a point in time, based on certain assumptions, essentially, the rental value on a year to year basis fixed between a willing landlord and tenant with the tenant responsible for the cost of repairs and insurance.
The RV’s of all non domestic properties are reassessed currently every 5 years by way of Revaluation. The current Revaluation is effective from 1 April 2005 and is based on rents and costs prevailing at 1 April 2003.
Limited rights of appeal against your RV are available.
Business Rate Poundage
This is the rate by which your rateable value is multiplied to arrive at your annual rates charge. The rate is set annually by the governing bodies in Scotland, England and Wales.
Depending on the level of RV applicable, you may benefit from small business rate relief or be subjected to small business supplement.
Your rates charge may also be affected by transitional relief.
The rates poundages for 2008/09 are:-
Location Poundage
Scotland 46.2p
England
(Large property RV £15,000 and over
outside London or RV £21,500 and over
inside London) 46.2p
Wales 46.6p
For historic UK Rate Poundages click here
Note: For 2007/08 a 0.4 pence poundage reduction and other reliefs may apply to properties in Scotland with Rateable values of under £29,000.
2005 Revaluation
The rateable value of your property, upon which your rates bill is calculated, is reassessed currently every 5 years. The present revaluation is effective from 1 April 2005 and is based on rents and costs prevailing at the base or tone date of 1 April 2003.
Revaluations are necessary to reflect changes in rents and costs in the preceding 5 year period and to redistribute the overall rates charge between different classes of property and locations.
Rights of Appeal
Certain rights of appeal are available to you enabling you to challenge the rateable value applied to your property. In Scotland, in a year of revaluation, appeals had to be lodged within strict time limits, basically before 30 September 2005.
Similar, but more complex, appeal rights are available in England and Wales. No time limit for an appeal is set down but only one appeal per property is allowed over the life of the Valuation List.
Further rights of appeal are available to new owners or occupiers of properties or where changes, both within the property or as a result of external effects, affect the RV.
We would strongly advise that you seek the advice of a member of our Business Rates Team who will advise you of the action to be taken and the time limits involved.
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