Business Rates: Tax Allowances
The question
To ask the Chancellor of the Exchequer, which retail, hospitality and leisure hereditaments have their rateable value assessed by the Valuation Office Agency using turnover expenditure as part of the metrics.
Answered by James Murray
The hereditaments that have their rateable value assessed with reference to their trade are those where there is limited reliable rental evidence, and the nature of their occupation is primarily concerned with anticipated profit. In such cases, the rateable value would likely be based upon a consideration of the receipts and expenditure of the property.
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