A Practical Guide to Valuation for Rating

<p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>Non-domestic rates is a significant outgoing for many businesses and a source of billions of pounds of revenue for local authorities. One of the key factors affecting liability to this tax is the value of the property which companies own and occupy and the valuation of property for rating has evolved into a sophisticated and subtle expert profession in its own right. There are many traps for the unwary and those new to the field often approach valuation issues with trepidation.</span></p><p><br></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>This book guides the reader through the complexities of the subject. It analyses and explains the statutory framework and the key concepts as they have developed through centuries of jurisprudence. The book also introduces the main methods of valuation which will be encountered in modern rating practice and identifies the hot topics and areas of development in this ever-evolving field. The book will be of use to lawyers surveyors and anyone else seeking to understand this fascinating subject.</span></p><p><br></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>Luke Wilcox is one of the leading rating practitioners in the country. He has appeared four times in the Supreme Court and in many of the most significant valuation cases of the last decade. He advises and acts for clients from multinational corporations to central government departments and regularly lectures at national rating events. His expertise in the field was recognised in 2024 when he was elected as an honorary member of the Rating Surveyors' Association. His valuation practice is not limited to rating and he is experienced in valuation disputes in compulsory purchase compensation rent review lease renewals and other property-based taxes. He is a member of Landmark Chambers where in addition to rating and valuation he practices in planning environmental and property law.</span></p><p><br></p><p><strong style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>CONTENTS</strong></p><p><br></p><p><strong style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>Part One: The Rating Hypothesis</strong></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>1: What Is the Thing to Be Valued?</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>2: The Hereditament and the Hypothetical Tenancy</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>3: The Statutory Assumptions</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>4: The Relevant Dates</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>5: The Circumstances of the Property and Its Locality</span></p><p><br></p><p><strong style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>Part Two: Valuation</strong></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>6: Valuation Methodologies and Their Selection</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>7: The Rentals Method</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>8: Comparable Assessments and the Tone of the List</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>9: The Receipts and Expenditure Method</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>10: The Contractor's Basis of Valuation</span></p><p><span style=color: rgba(0 0 0 1); background-color: rgba(255 255 255 1)>11: Other Methods</span></p>