86079
Description
Quiz by nathan_hutchings, updated more than 1 year ago
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Created by nathan_hutchings
almost 11 years ago
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Question 1
Question
Statutory Valuations are for
Answer
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for Local and National Taxation
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Compulsory Purchase and Compensation
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Compulsory Purchase and decompensation
Question 2
Question
Property Based Local Taxation
Answer
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Business Rates (Rating)
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Council Tax
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Business checks (Rating)
Question 3
Question
Valuation Office Agency
Answer
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Central Government Executive Agency
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valuations for HMRC tax purposes
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valuations for public sector organisations
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valuations for private sector organisations
Question 4
Question
Council Tax
Answer
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A locally set tax payable on all domestic properties.
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Collected by local Councils to help pay for services such as schools, police, fire service, refuse collection etc.
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Introduced in 1993 by the Local Government Finance Act 1992.
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Introduced in 1992 by the Local Government Finance Act 1992.
Question 5
Question
How is a dwelling defined for Council Tax
Answer
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a separate unit of living accommodation
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a unit of living accommodation
Question 6
Question
Mixed use properties
Answer
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A property can appear in the Council Tax Valuation List and a non-domestic Rating List
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A property cannot appear in the Council Tax Valuation List and a non-domestic Rating List
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This type of property is known as a “composite”
Question 7
Question
Valuations for Council Tax
Answer
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Valuation Office Agency is responsible for setting the band.
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Placed in one of 8 valuation bands (A-H) based on it’s capital value as at 1 April 1991
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Council Tax came into effect on 1 April 1993
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Council Tax came into effect on 1 April 1992
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Placed in one of 8 valuation bands based on it’s capital value as at 1 April 1993
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Each local authority is then responsible for setting it’s annual charge per band in accordance with need.
Question 8
Question
Council Tax Revaluation
Answer
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There has been no revaluation for council tax in England since its introduction.
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A revaluation took place in Wales in 2005 based on 2003 levels of capital value.
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A revaluation took place in England in 2005 based on 2003 levels of capital value.
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Northern Ireland and Scotland have different Local Government finance systems.
Question 9
Question
Can the band be challenged
Answer
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Yes – but in limited circumstances, primarily where there have been physical changes that may have resulted in a change to the valuation.
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Or - 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).
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no under no circumstances
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will not be open to appeal unless the band is altered.
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If an appeal or a banding review is successful a refund of any overpaid council tax will be paid
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If an appeal or a banding review is successful a refund of any overpaid council tax will not be paid
Question 10
Question
RATING
Answer
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RATES IS A TAX ON THE OCCUPATION OF LAND
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The introduction of the General Rate Act 1967 consolidated a number of previous Acts and became the main statute governing rating
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This was unforgiveably followed by the Local Government Finance Act 1988 and along with additional statutory instruments remains the main source of codified rating law
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This was followed by the Local Government Finance Act 1988 and along with additional statutory instruments remains the main source of codified rating law
Question 11
Question
The Rating Lists
Answer
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In England and Wales the List is compiled by the Valuation Office Agency (VOA) an Executive Agency of the HM Revenue & Customs
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The legislation provides for a revaluation of the Rating List every 5 years
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The current Rating List came into effect on 1 April 2008
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Oct 2012 – Government announces postponement of revaluation to 1 April 2017
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Oct 2012 – Government announces postponement of revaluation to 1 April 2018
Question 12
Question
Purpose of Revaluation
Answer
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To adjust rateable values to reflect the rental market at the date of revaluation.
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To adjust rateable values to not reflect the rental market at the date of revaluation.
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Valuation dates – the valuation date for the revaluation is set 2 years before it comes into effect.
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Valuation dates – the valuation date for the revaluation is set 3 years before it comes into effect.
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This is known as the Antecedent Valuation Date (AVD)
Question 13
Question
What is a Rateable Value
Answer
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an amount equal to the rent which it is estimated the hereditament might reasonably be expected to let from year to year
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an amount equal to the value which it is estimated the hereditament might reasonably be expected to be worth
Question 14
Question
What is a Hereditament?
Answer
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a unit of such property which is or would fall to be shown as a separate item in the Valuation List
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a unit of such land which is or would fall to be shown as a separate item in the Valuation List
Question 15
Question
A general rule for an occupation to be a single hereditament is that it must be:
Answer
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capable of definition
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a single rateable occupier
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a single use
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a single geographical unit
Question 16
Question
Rateability: Four essentials elements:
Answer
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actual occupation
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beneficial occupation
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exclusive occupation
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not transient
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a single use
Question 17
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Repairing assumptions
Answer
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Rating hypothesis assumes the landlord puts the hereditament in a state of repair which the tenant will be responsible for maintaining
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As a general rule no allowance is made for the actual state of repair
Question 18
Question
Camden LBC v Civil Aviation Authority & Longford VO 1980.
Answer
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In that particular case the property had inherent structural defects sufficient to be regarded as uneconomic for the hypothetical landlord to carry out
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In that particular case the property did not have inherent structural defects sufficient to be regarded as uneconomic for the hypothetical landlord to carry out
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The state of repair would affect a tenants use and enjoyment of the property and consequently reduce the rental value.
Question 19
Question
When valuing a property for Rating you must
Answer
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Value it “as it stands”
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Ignore development potential
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Have regard to mode and category of use.
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Take into consideration development potential
Question 20
Question
When valuing a property for Rating you must:
Answer
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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).
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The mode and category of use of the occupation cannot be altered.
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The mode and category of use of the occupation can be altered.
Question 21
Question
Not all properties are rateable, these are the main exceptions:
Answer
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agricultural land and buildings
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property used for the disabled
Question 22
Question
Non domestic rating bills are issued to ratepayers by Local Authorities.
Answer
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The 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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The 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)
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