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01/03/2010 - Business Rates Looking ahead to the 2010 Business Rates Revaluation
Revised Rateable Values (RVs) for non-domestic properties in Scotland are due to be issued in the next few weeks, when Valuation Notices are sent out following the 2010 Rating Revaluation.
Rateable Values are adjusted every five years and come into effect on 01 April this year. It would appear that many sectors of the market will be subject to significant increases. The statutory basis for assessment of the revised 2010 Rateable Value is rental value as at April 2008 unless there has been a ‘material change of circumstances’.
The total rates revenue to the government is around £2.57 billion and the Scottish Government review the multiplier, known as the Uniform Business Rate (UBR), required to generate this level of tax on an annual basis. In November 2009 the UBR was set at £0.407 for 2010/11 (from £0.481 2009/10) for properties with an RV below £29,000 and £0.414 for 2010/11 (from £0.485 2009/10) for properties with an RV of£29,001 or above.
Following previous revaluations there has been transitional relief to cushion the impact on businesses hit with significant increases. However, the Scottish Government has abolished transitional relief in Scotland arguing that the reduction in the UBR will soften the impact of any increases, despite the Government south of the border setting the same UBR and retaining transitional relief.
There is an opportunity to appeal against the revised rateable value within six months of receipt of the valuation notice informing businesses of their revised value up to a deadline of 30 September 2010.
We can advise on potential savings and assist with the appeal.
Please contact Simon Sanderson or Hugh Jones at our Galashiels Office (01896 751300) or Nick Green at our Berwick Office (01289 304432) to discuss the options.
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22/12/2009 - RICS Housing Market Forecast - December 2009
UK Housing Market: Battling The Headwinds
The housing market has come through the past year in rather better shape than might have been expected in the wake of both the turmoil in financial markets and the subsequent sharp contraction in the economy. Nevertheless,significant challenges relating both to the macro environment and property market dynamics remain.
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19/11/2009 - BORDERS PROPERTY OVERVIEW
HOME BUYERS’ CONFIDENCE – UP
HOUSE SALES – UP
PROPERTY PRICES - ?
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