Valuation
The question
To ask the Chancellor of the Exchequer, whether the Valuation Office Agency considers (a) the level of taxes and (b) other changes to fiscal policy when determining the valuation of a (i) pub and (ii) other hereditament.
Answered by James Murray
The Valuation Office Agency (VOA) assesses non-domestic properties in line with legislation. This will be based on a set date, called the Antecedent Valuation Date (AVD). For the current rating list, this is 1 April 2021.
The VOA’s valuations are based on the level of rent the property could earn at the AVD. Should the level of taxation and fiscal policy affect rents paid in the open market at that specific point in time, they will be reflected in any rental evidence that is used.
Any change in the level of taxation or fiscal policy that occurs after the AVD, or would not have been known at the AVD, would not be considered until a subsequent non-domestic revaluation.
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