RATES REVALUATION 2020 - UPDATE
09 April 2020
2020 RATES REVALUATION UPDATE
On 1 April 2020 the much heralded rates revaluation of all non-domestic property in Northern Ireland was published. The timing may appear odd coming as it does in the middle of the COVID-19 crisis, which has seen many businesses forced to close or operate at a reduced capacity. However, although the new valuations form the basis of rates payable from 1 April 2020, the actual valuation date is 1 April 2018. Consequently, the new valuations are not affected by the current crisis. That said, the NI Executive has stated that no business rates will be charged for April, May or June 2020 as part of its measures to support businesses at this time.
The actual rates liability is calculated by multiplying the valuation (NAV) by the rate in the £ which varies from one district council to another. The multipliers are not yet fixed as the Regional Rate is not yet published but the multipliers will be between £0.50 - £0.60.
What can you do to mitigate the effect of the revaluation?
The legislation provides a three stage appeals process to challenge valuations. Challenges will be dealt with by the government valuers in Land Property Services (LPS). You will be expected to make a case based on rental valuation fundamentals, which might include a survey of your property, condition, size/configuration and comparison with other similar properties in the vicinity.
How can Osborne King help?
- Advise on the fairness of the assessment. It is worth noting that valuations can go up as well as down when challenged so a proper understanding of the process and risks is critical.
- Ensure you are getting any reliefs you are entitled to e.g. industrial or charitable relief.
- Submit applications/appeals on your behalf having regard to statutory time limits.
- Negotiate with the LPS valuer(s) keeping you updated and advice on potential settlements and determinations.
- Prepare and present a case to the Lands Tribunal, the final arbiter (except on a point of law).
- Calculate refunds where appropriate.
Our fee basis is mainly success orientated and very cost effective.
For further information or a free telephone consultation please contact:Robert Watson FRICS
Stephen Boyd MRICS