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Helping to remove your empty rates liability
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Helping to remove your empty rates liability Business Rates
Transcript of Helping to remove your empty rates liability
Helping to remove your empty rates liability
Business Rates
Our ServicesWe can help you remove your empty rate liability…
If your property is: What we can do:
Vacant – mothballed / design phase / planning stage / to let
• We can give rating advice at point of acquisition
• We can mitigate your ongoing liability
Not capable of occupation (i.e. asbestos/fire escape issues)
• Seek and secure exemptions
• Challenge historic liabilities and secure refunds
Under refurbishment or redevelopment • We can provide consultancy at point of planning / scheme design
• Seek removal of your liability on account of works
• Seek better effective date of cessation of liability
Post practical completion (CAT A) • We can advise on new level of liability
• Ensure liability not recommenced prematurely
“The liability for empty property rates places a significant burden on owners and developers. That burden can be made considerably lighter with careful and early intervention’’
It will cost you nothing to have an initial appraisal of your property, where our specialist team can help to identify and advise you of any rating savings that can be achieved.
SJ & J Monk v Newbigin: Supreme Court RulingAllsop formed part of the intervening party in a Supreme Court ruling which was to have massive implications.
It is important to consider your business rate liability and seek early advice – prior to the scheme starting where possible.
The earlier advice is sought, the greater chance we have of helping you.
CASE STUDY
CASE FOR THE RATEPAYERThe rating assessment should be reduced to a nominal figure until works complete and the building can be occupied again.
CASE FOR THE VALUATION OFFICE The rating assessment should remain unaltered
as works to the building comprised repairs.
THE SUPREME COURTFound in favour of the ratepayer. If a property is incapable of beneficial occupation due to
building works, it is appropriate to apply RV £1, removing the rate liability.
£1.7m+ in redevelopment
rates
£800k in asbestos
exemption rates
£1.2m in rate
mitigation
Notable SavingsExamples of individual savings achieved by Allsop
Peacocks Primark PWC Moss Bros KPMG BMO AVIVA Derwent Threadneedle Stanhope
Clients we have represented
The case centred on a single floor in an office building which was undergoing significant refurbishment and redevelopment work. Although the works were not structural, the scale of the work meant that the building could not be occupied;
Why Allsop? Property Owner Rating Team
Client Survey
95%satisfiedwith service level provided
0Top 10ranked Investment Agency Practice
£1.4bntransacted in 2017
Valued over
£13bnof property in 2016/17
Over the last two years approximately
10% of the investment portfolio market transacted by Allsop’s National Investment Team
During the 2010 Revaluation
£70m+ savings for retailers on business rate appeals
£1.034bnin 2017 sold at auction Ranked number 1 auctioneers in UK
Ranked
14th UK property consultants on overall turnover
2,628 property transactions completed in 2016/17. That’s almost:1* an hour 9* a day, 46 a week 197 a month(*a working day)
Aoife BroderickSenior Surveyor
020 7543 [email protected]
Victoria BoatengPartner
020 7543 [email protected]
Jenni ParlourSenior Surveyor
020 7543 [email protected]
Natasha McEnteeEmpty Property Specialist
020 7543 [email protected]
www.allsop.co.uk
Head office:33 Wigmore Street, London W1U 1BZTel: +44 (0)20 7437 6977
City office:2 Copthall Avenue, London EC2R 7DATel: +44 (0)20 7588 4433
Leeds office:8th Floor, Platform, New Station Street, Leeds LS1 4JBTel: +44 (0)113 236 6677
Brighton office:Princes House, 53-54 Queens Road, Brighton BN1 3XBTel: +44 (0)1273 322 013
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