Broadly speaking, rateable value represents the annual rental value of the property. For the 2010 business rates revaluation, the Valuation Office Agency (VOA) collected and examined 1,300 rents on petrol filling stations. This evidence was then filtered down to those rents that best reflected the rateable value assumptions and were agreed closest to the valuation date of
Section 18 (1) of the Commissioners for Revenue and Customs Act 2005 provides that Revenue and Customs officials may not disclose information which is held by them in connection with their function. As a result, valuation officers cannot disclose any details of the key rents from which the ratepayers or the properties concerned could be identified.
The key rents can be summarised by region in England as follows:
|Region||Number of key rents|
|East of England||11|
|Yorkshire and Humberside||12|
The five-yearly business rates revaluations make sure each business pays its fair contribution and no more and will not raise a single extra penny for Government. Over a million properties will see their business rate liabilities come down as a result of revaluation.
In the last five years, alongside rising petrol prices and increasing turnover, the rents paid on many petrol filling stations have grown. It is only fair to all ratepayers this is reflected in rate bills. The Government have put in place a £2 billion relief scheme to limit the impact on the minority with bill increases, which in 2010-11 will ensure no business property sees its rates bill increase by more than 11 per cent. as a result of the revaluation, with maximum increases capped at just 3.5 per cent. for small properties. That is on top of the wider support available to help ease business pressures including discounted rate bills for small businesses and deferring tax payments.