Quiz
Statutory Valuations 1
Questions in this quiz (22)
1Statutory Valuations are for
- A for Local and National Taxation
- BCompulsory Purchase and Compensation
- CCompulsory Purchase and decompensation
2Property Based Local Taxation
- ABusiness Rates (Rating)
- BCouncil Tax
- CBusiness checks (Rating)
- ABusiness Rates (Rating)
3Valuation Office Agency
- ACentral Government Executive Agency
- Bvaluations for HMRC tax purposes
- Cvaluations for public sector organisations
- Dvaluations for private sector organisations
- ACentral Government Executive Agency
4Council Tax
- AA locally set tax payable on all domestic properties.
- BCollected by local Councils to help pay for services such as schools, police, fire service, refuse collection etc.
- CIntroduced in 1993 by the Local Government Finance Act 1992.
- DIntroduced in 1992 by the Local Government Finance Act 1992.
- AA locally set tax payable on all domestic properties.
5How is a dwelling defined for Council Tax
- Aa separate unit of living accommodation
- Ba unit of living accommodation
6Mixed use properties
- AA property can appear in the Council Tax Valuation List and a non-domestic Rating List
- BA property cannot appear in the Council Tax Valuation List and a non-domestic Rating List
- CThis type of property is known as a “composite”
7Valuations for Council Tax
- AValuation Office Agency is responsible for setting the band.
- BPlaced in one of 8 valuation bands (A-H) based on it’s capital value as at 1 April 1991
- CCouncil Tax came into effect on 1 April 1993
- DCouncil Tax came into effect on 1 April 1992
- EPlaced in one of 8 valuation bands based on it’s capital value as at 1 April 1993
- FEach local authority is then responsible for setting it’s annual charge per band in accordance with need.
- AValuation Office Agency is responsible for setting the band.
8Council Tax Revaluation
- AThere has been no revaluation for council tax in England since its introduction.
- BA revaluation took place in Wales in 2005 based on 2003 levels of capital value.
- CA revaluation took place in England in 2005 based on 2003 levels of capital value.
- DNorthern Ireland and Scotland have different Local Government finance systems.
- AThere has been no revaluation for council tax in England since its introduction.
9Can the band be challenged
- AYes – but in limited circumstances, primarily where there have been physical changes that may have resulted in a change to the valuation.
- BOr - if within six months of becoming the taxpayer at that property for the first time (unless the same appeal has already been considered by a Valuation Tribunal).
- Cno under no circumstances
- Dwill not be open to appeal unless the band is altered.
- EIf an appeal or a banding review is successful a refund of any overpaid council tax will be paid
- FIf an appeal or a banding review is successful a refund of any overpaid council tax will not be paid
- AYes – but in limited circumstances, primarily where there have been physical changes that may have resulted in a change to the valuation.
10RATING
- ARATES IS A TAX ON THE OCCUPATION OF LAND
- BThe introduction of the General Rate Act 1967 consolidated a number of previous Acts and became the main statute governing rating
- CThis was unforgiveably followed by the Local Government Finance Act 1988 and along with additional statutory instruments remains the main source of codified rating law
- DThis was followed by the Local Government Finance Act 1988 and along with additional statutory instruments remains the main source of codified rating law
- ARATES IS A TAX ON THE OCCUPATION OF LAND
11The Rating Lists
- AIn England and Wales the List is compiled by the Valuation Office Agency (VOA) an Executive Agency of the HM Revenue & Customs
- BThe legislation provides for a revaluation of the Rating List every 5 years
- CThe current Rating List came into effect on 1 April 2008
- DOct 2012 – Government announces postponement of revaluation to 1 April 2017
- EOct 2012 – Government announces postponement of revaluation to 1 April 2018
12Purpose of Revaluation
- ATo adjust rateable values to reflect the rental market at the date of revaluation.
- BTo adjust rateable values to not reflect the rental market at the date of revaluation.
- CValuation dates – the valuation date for the revaluation is set 2 years before it comes into effect.
- DValuation dates – the valuation date for the revaluation is set 3 years before it comes into effect.
- EThis is known as the Antecedent Valuation Date (AVD)
- ATo adjust rateable values to reflect the rental market at the date of revaluation.
13What is a Rateable Value
- Aan amount equal to the rent which it is estimated the hereditament might reasonably be expected to let from year to year
- Ban amount equal to the value which it is estimated the hereditament might reasonably be expected to be worth
14What is a Hereditament?
- Aa unit of such property which is or would fall to be shown as a separate item in the Valuation List
- Ba unit of such land which is or would fall to be shown as a separate item in the Valuation List
15A general rule for an occupation to be a single hereditament is that it must be:
- Acapable of definition
- Ba single rateable occupier
- Ca single use
- Da single geographical unit
- Acapable of definition
16Rateability: Four essentials elements:
- Aactual occupation
- Bbeneficial occupation
- Cexclusive occupation
- Dnot transient
- Ea single use
- Aactual occupation
17Repairing assumptions
- ARating hypothesis assumes the landlord puts the hereditament in a state of repair which the tenant will be responsible for maintaining
- BAs a general rule no allowance is made for the actual state of repair
18Camden LBC v Civil Aviation Authority & Longford VO 1980.
- AIn that particular case the property had inherent structural defects sufficient to be regarded as uneconomic for the hypothetical landlord to carry out
- BIn that particular case the property did not have inherent structural defects sufficient to be regarded as uneconomic for the hypothetical landlord to carry out
- CThe state of repair would affect a tenants use and enjoyment of the property and consequently reduce the rental value.
19When valuing a property for Rating you must
- AValue it “as it stands”
- BIgnore development potential
- CHave regard to mode and category of use.
- DTake into consideration development potential
- AValue it “as it stands”
20When valuing a property for Rating you must:
- A Whilst the rateable value is assessed on the basis of an imaginary lease with hypothetical tenant the actual property is taken as it actually is at the Material Day (i.e. the first day of the Rating List).
- BThe mode and category of use of the occupation cannot be altered.
- CThe mode and category of use of the occupation can be altered.
- A Whilst the rateable value is assessed on the basis of an imaginary lease with hypothetical tenant the actual property is taken as it actually is at the Material Day (i.e. the first day of the Rating List).
21Not all properties are rateable, these are the main exceptions:
- Aagricultural land and buildings
- Bproperty used for the disabled
- Aagricultural land and buildings
22Non domestic rating bills are issued to ratepayers by Local Authorities.
- AThe charge is applied by multiplying the rateable value by the prevailing National Non- Domestic Rates (NNDR) mutliplier. (sometimes known as Uniform Business Rate or UBR)
- BThe charge is not applied by multiplying the rateable value by the prevailing National Non- Domestic Rates (NNDR) mutliplier. (sometimes known as Uniform Business Rate or UBR)
- AThe charge is applied by multiplying the rateable value by the prevailing National Non- Domestic Rates (NNDR) mutliplier. (sometimes known as Uniform Business Rate or UBR)
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- Statutory Valuations Quiz on Statutory Valuations 1, created by nathan_hutchings on 13/05/2013.
- Author
- nathan_hutchings
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- English
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- History
- Created on 13 May 2013 · updated on 25 Jul 2016
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