Scotlands Chief Statistician has published statistics on the progress and results of revaluation
appeals following the 2010 and 2017 Revaluations
Property consultant CBRE has beefed up its team handling business rates revaluation
appeals in the northeast.
The country's external financial liabilities fell 3.8 percent as of end-March, stemming mainly from negative revaluation
adjustments in the portfolio and direct investment accounts.
Having confirmed in last year's budget that business rates revaluations
will take place every three years instead of the current five, in order to ensure rates more accurately reflect the rental value of properties, the chancellor announced that the next revaluation
will be brought forward a year, from 2022 to 2021.
The decrease in net income compared to the previous quarter was mainly due to an estimated revaluation
adjustment of the net deferred tax asset ("DTA revaluation
") through the provision for income taxes as a result of the passage of the U.S.
"The current quarter results were impacted by the Tax Cuts and Jobs Act enacted December 22, 2017, which required a revaluation
of our deferred tax assets and liabilities to account for the future impact of the decrease in corporate tax rate to 21% from 35% and other provisions of the legislation.
Business rates was a broken tax and while this review makes a genuine attempt to increase the transparency of the revaluation
process, it was constrained by having to be revenue neutral.
New figures from business rates specialists CVS show that the Government's revaluation
will see Tesco's bill for its largest stores in England and Wales fall by PS13m this year alone, from PS450m to PS437m.
Around one-sixth of 1.2 million properties island-wide had not been accounted for until authorities began a revaluation
of properties back in 2013.
These events are commonly referred to as "revaluation
During the three months ended March 31, 2015 the Company recognized a gain from the revaluation
to fair value of the remaining holding in the investment in First Aviation Services Inc.
Figures from estate agent Colliers show that the department store chain could have saved over PS15 million per year, or PS75 million over five years, had a critical revaluation
gone ahead last year.