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The Valuation Office Agency is a government body in England and Wales. It is an executive agency of His Majesty's Revenue and Customs.. The agency values properties for the purpose of Council Tax and for non-domestic rates in England and Wales (in Scotland this function is performed by the Scottish Assessors).
As in England, the individual domestic rates bill was calculated by multiplying the rateable valuation of a property by the domestic poundage rate set by the local Council. Before the 1996 reform of local government, domestic rates were set by Regional Councils, and prior to the 1975 reorganisation, rates were set by County Councils.
Business rates is the commonly used name of Non-Domestic Rates in Wales, [1] a tax on occupation of non-domestic property. Rates are a property tax used to fund local services that date back to ancient times.
Water UK: Find your supplier However, the water industry wants bills to rise by an average of 33% by 2030. It warned that the increase proposed by Ofwat would not be enough to tackle the range of ...
Even within states, individual local government authorities can often choose the specific basis of rates – for example, it may be on the rental value of houses (as in Western Australia) or on the unimproved land value (as in New South Wales). These rateable valuations are usually determined by a statutory authority, and are subject to ...
The history of rent control in England and Wales is a part of English land law concerning the development of rent regulation in England and Wales.Controlling the prices that landlords could make their tenants pay formed the main element of rent regulation, and was in place from 1915 until its abolition (excluding some council houses) by the Housing Act 1988.
The rateable value is multiplied by the Uniform Business Rate, referred to in legislation as the non-domestic rating multiplier, to arrive at an annual bill. For example, a rateable value of £10,000 and a multiplier of 40p would produce an annual bill of £4,000. [21] [22] The bill usually requires payment in instalments over the financial ...
The rateable value system was intended as a cross subsidy from wealthier to poorer households. However, since rateable values are often outdated, the subsidy is poorly targeted. Since more and more highly rated households opt for metering, flat rates for the remaining unmetered customers are being increased to compensate for the lost revenue.