News & Analysis as of

United Kingdom Property Valuation

BCLP

Business Rates and the Bar - Occupation, Purpose and Trust in a Set of Chambers

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In the recent case of Prosser v Ricketts [2024] UKUT 264 (LC), the Upper Tribunal Lands Chamber (UT) had to decide whether barristers’ chambers rooms should be treated as a collective, single unit for business rates purposes,...more

BCLP

Business Rates: Decisions About Material Changes of Circumstances “in the Locality”

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The Valuation Tribunal recently considered the impact of the Rushden Lakes Shopping Centre in Northamptonshire on rental and hence rateable values in neighbouring towns. The opening of the Centre had adversely impacted...more

IR Global

Don’t forget to report property gains

IR Global on

A higher rate of CGT applies to gains on the disposal of residential property (apart from a principal private residence). In the Spring Budget 2024, the Chancellor announced a reduction in the higher rate that exists for...more

BCLP

Greening Real Estate - Where are we now? - Energy Efficiency Series - Part 1

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Against the ambitious backdrop set by the Paris Climate Agreement to reach net-0 by 2050, there is a clear drive by corporations to move forward on their environmental, social and governance (ESG) or sustainability...more

BCLP

Rating case note - the socio-economic value of museums

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Question - I am the FD of a public sector body. We run a museum which does not charge for admission and operates at a deficit, however its contribution to local culture and ability to attract visitors to the area make it...more

BCLP

Business Rates – Property in Common Occupation: My company occupies two suites of offices separated by a fire corridor. Can they...

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No. The fire corridor is the problem. In the rental valuation of business premises, there can be increased costs or savings depending on whether two or more units of property are valued individually or together....more

King & Spalding

Capital Gains Tax (CGT) payable by non-UK resident investors on direct and indirect disposals of UK commercial real estate

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Non-UK resident investors (Investor) usually acquire UK commercial real estate (UK Property) through non-UK resident companies, for example Jersey limited liability companies. A typical holding structure put in place by an...more

Hogan Lovells

Don’t overstep the mark: what can an independent expert decide in a rent review determination?

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The old saying goes “if you give them an inch, they’ll take a mile”, but the Court of Appeal has reaffirmed that an independent expert appointed by parties to make a binding determination in relation to their dispute is not...more

Hogan Lovells

CPO compensation – how much will the landowner get?

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If someone’s land is compulsorily acquired to deliver a public benefit, it is accepted that they should receive fair compensation. But what that “fair compensation” equates to, is far from straight forward....more

BCLP

The sequel to Monk

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Two years ago the Supreme Court (in the case of Monk) specified how to assess the rateable value of a commercial real estate asset in the UK for business rates where the asset is undergoing works.  In a decision published...more

Hogan Lovells

Rateable value: The Supreme Court departs from reality

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The Supreme Court has decided that a rateable value of £370,000 should be entered into the ratings list for an office block in Blackpool despite there being “no actual tenant willing to pay a positive price for the building...more

Hogan Lovells

Supreme Court decision slashes empty rates bills for developers

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The rateable value of commercial premises is generally equal to the rent payable under a hypothetical letting on the relevant assessment date. There are some express statutory assumptions for this – it is to be an annual...more

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