Eric Young & Co

Rates payments are a significant property cost for both occupiers and landlords. The rateable values which determine the actual payments are revised every five years, with the most recent revaluation having taken place on 1 April 2010.

These revised rateable values (RV’s) should reflect the rental value of a property as at 1 April 2008. Appeals can be lodged against the 01.04.10 rateable values and these should be submitted to either the VO (England & Wales) or Assessors Department (Scotland). There is no time limit for revaluation appeals in England & Wales although you may lodge only one appeal against the revaluation figure in a 5 year cycle. The appeal time limit in Scotland is however 30 September 2010 and if you do not appeal prior to that date, you will have lost the opportunity to challenge the assessment for the next 5 years. Whilst appeals following a revaluation are the most common route for rates savings, Material Change of Circumstance (MCC) appeals can also be submitted at any time in the revaluation cycle, where there has been a change in the environment which has affected the rental levels.

Eric Young & Co combine our rating expertise with the market knowledge gained from our agency and rent review involvement throughout the UK. We are currently advising clients such as Arcadia, Comet, Toys R Us, Farmfoods, Tesco Finance, Aviva, Hammerson, B&M Bargains and Matalan on rates issues within their respective portfolios.

Our strengths include:

• Market knowledge, pro-active and innovative approach
• In depth understanding of the rating system throughout the UK

If you require advice on rates or require any assistance in the appeal process please contact our rating team.