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With the current publicity over the rating revaluation coming in next month alongside proposed changes to the appeals process, today’s Supreme Court decision will come as a relief to embattled ratepayers.
The Court of Appeal had ruled that a property stripped to a shell whilst substantial refurbishment was being undertaken (configuring a single office into three separate units) should still be valued as if it were in a reasonable state of repair. The Supreme Court disagreed and applied instead the ‘reality principle’ (i.e. a property should be valued as it in fact existed on the material day). In this case, the property was not capable of beneficial occupation (and so the rateable value should be reduced to £1).
Today’s decision should help to make the refurbishment of properties more affordable for property owners and should mean that no rates are payable when no income is being received from a property because substantial works are being carried out to it.
Judgement has been handed down for the seminal case of Cardtronics UK Ltd and others (Respondents) v Sykes and others (Valuation Officers) (Appellants) [2020] UKSC 21.
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Some commentators had anticipated that persisting retail sector challenges might disrupt more than the make-up of the high street or commercial property negotiations between landlords and tenants.
The last two weeks have seen yet another flurry of announcements regarding big high street names including Thomas Cook, Argos, Karen Millen and Coast.
As part of the continued tightening of the restrictions on drone use within UK airspace, the latest amendments to the Air Navigation Order 2016 come into force on 30 November 2019.
Partner and Head of Real Estate
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