A recent court ruling in London could have positive financial implications for Bristol and the south west. Until now, when setting the Rateable Value of accommodation in office blocks, the Valuation Office Agency (VOA) has assessed office accommodation that is in the same building but not adjoining as separate applications, usually resulting in a higher overall Rateable Value.
However, earlier this month, the Upper Tribunal (Lands Chamber), previously known as the Lands Tribunal, ruled that two floors in a multi-storey office building could be assessed as a single property, despite them not adjoining.
Rohan Short, Head of Rating in the Bristol office of CBRE, believes that although the case related to an accountant’s accommodation in London, it could have national implications. He said: “The primary benefit from this landmark Court decision is that the VOA will no longer be able to refuse mergers of rating assessments for suites of office accommodation which are in the same occupation, but do not adjoin. Consequently, ratepayers could see reductions in the aggregate Rateable Value for their accommodation and possible reduced rates liabilities after any discounts for size are taken into account.”
He added: “This is an exciting development and could mean there are substantial rates savings opportunities in Bristol and further afield.”
