VALUATION OFFICE AGENCY Statistical Release 26 April 2010 NON­DOMESTIC RATEABLE VALUES: 2005 AND 2010 LOCAL RATING LISTS­ ENGLAND AND WALES
·
The average increase in RV for properties on the local lists from 2005 to 2010 in England was 21%
·
The average increase in RV for properties on the local lists from 2005 to 2010 in Wales was 20%
·
The region with the greatest increase in RV was London with a 32% increase. The smallest increase was in the East Midlands with an 8% increase
·
London remained the region with the highest average RV of £57,000. The South West remained the region with the lowest average RV of £24,300 This release provides information about the rateable values (RV) in both the 2005 and the compiled 2010 local rating lists for England and Wales as at 1 st April 2010. Entries for the central list are not included in this release. An increase in RV does not imply a similar increase in National Non­domestic Rates (NNDR), as the amount charged to hereditaments is dependent upon the NNDR multiplier, which will vary from year to year so as to maintain the value of NNDR. From 1 April 2010, the NNDR multiplier has fallen to 41.4p from 48.5p in the previous year. The release has been compiled by the Valuation Office Agency – www.voa.gov.uk Contact points Press enquiries ­ telephone 03000 500 270, email [email protected] Other enquiries ­ telephone 03000 500 487, email [email protected]
Restricted ­ Statistics until 09:30 on 26 April 2010 Contents Page Table 1 Rating lists for England and Wales 3 Table 2 Rating lists for the English regions 4 Table 3 and 4 Rating lists for England and Wales by SCAT code 5 Data quality 6 Rounding 6 Uses made of the data 6 Background Notes 6 Glossary of terms 7 Further information 7
2 Restricted ­ Statistics until 09:30 on 26 April 2010 NON­DOMESTIC RATEABLE VALUES: 2005 AND 2010 LOCAL RATING LISTS ENGLAND AND WALES 1. Table 1 below shows the number of hereditaments, rateable value and the average rateable value and its increase from the 2005 and 2010 Rating Lists for England and Wales. ·
The average increase in RV from 2005 to 2010 in England for properties on the local lists was 21%
·
The average increase in RV from 2005 to 2010 in Wales for properties on the local lists was 20%
Table 1: Rating Lists for England and Wales 2005 local rating lists 2010 local rating lists Heredita ments (000) a Total RV (£m) Average RV (£) Heredita ments (000) Total RV (£m) Average RV (£) Change in RV (%) England Wales 1,723 104 47,001 1,991 27,300 19,100 1,723 104 56,696 2,399 32,900 23,000 21 20 England and Wales 1,828 48,992 26,800 1,828 59,096 32,300 21 a The number of hereditaments given for the 2005 rating lists represents the number present on the updated, current lists of hereditaments liable for NNDR as at 31 March 2010, rather than the number liable when the 2005 rating lists were first created. b The values shown in the table may not sum to the totals due to rounding 2. Table 2 below shows the number of hereditaments, rateable value and the average rateable value and its increase from the 2005 and 2010 Local Rating Lists for regions in England
·
The region with the greatest increase in RV was London with a 32% increase. The smallest increase was in the East Midlands with an 8% increase
·
London remained the region with the highest average RV of £57,000. The South West remained the region with the lowest average RV of £24,300
3 Restricted ­ Statistics until 09:30 on 26 April 2010 Table 2: Rating Lists for the English regions 2005 local rating lists North East North West Yorkshire and the Humber East Midlands West Midlands East of England London South East South West England 2010 local rating lists Heredit­ aments (000) a Total RV (£m) Average RV (£) Heredit­ aments (000) Total RV (£m) 76 241 176 138 184 182 284 252 191 1,755 5,564 3,954 3,262 4,345 4,718 12,221 7,409 3,772 23,100 23,100 22,500 23,700 23,700 25,900 43,100 29,500 19,700 76 241 176 138 184 182 284 252 191 2,118 6,599 4,734 3,537 4,872 5,546 16,161 8,474 4,655 27,900 27,400 26,900 25,700 26,500 30,400 57,000 33,700 24,300 21 19 20 8 12 18 32 14 23 1,723 47,001 27,300 1,723 56,696 32,900 21 Average Change in RV (£) RV (%) a The number of hereditaments given for the 2005 rating lists represents the number present on the updated, current lists of hereditaments liable for NNDR, rather than the number liable when the 2005 rating lists were first created. b The values shown in the table may not sum to the totals due to rounding. Additional tables There are two additional tables produced for all SCAT codes in England and Wales that are not included in the printed version of this release owing to their size. They are available on the VOA website and can be found at: http://www.voa.gov.uk/publications Below is a brief description of the data contained in the tables:
·
Table 3 (Amended) shows the number and rateable value of all hereditaments in England by their SCAT code;
·
Table 4 (Amended) shows the number and rateable value of all hereditaments in Wales by their SCAT code. Data Quality The rating lists contain the rateable values determined for every non­domestic hereditament by individual Valuation Officers throughout England and Wales. The data are considered to be of consistent quality.
4 Restricted ­ Statistics until 09:30 on 26 April 2010 Rounding In Tables 1 and 2 the number of hereditaments is rounded to the nearest thousand, total rateable value to the nearest million, average rateable value to the nearest hundred and percentage change to the nearest whole number. In Tables 3 and 4 the number of hereditaments is rounded to the nearest ten, total rateable value to the nearest thousand, average rateable value to the nearest hundred and percentage change to the nearest whole number. Uses Made of the Data The data are used to calculate National Non­domestic Rates bills. The 2010 lists are in use at time of publication and came into effect on 1 April 2010. Background Notes 1. Valuation Officers in England and Wales are required, by the Local Government Finance Act 1988, to compile (and maintain) rating lists specifying a rateable value for all non­domestic hereditaments. 2. These rateable values provide the basis for national non­domestic rates bills, which are issued by local authorities. 3. New lists are compiled every five years containing updated rateable values and the 2010 rating lists came into effect on 1 April 2010. 4. This release provides analyses of the rateable values appearing in the 2005 rating lists as at 31 March 2010; the 2010 rating lists that came into effect on 1 April 2010 (known as the compiled rating lists) and compares the two sets. 5. Whilst the data has been taken from the rating list on 29 March 2010, no changes were made to either the 2005 or the 2010 rating lists between 29 March and 1 April. Therefore, the data in this release also reflects the rating list on 1 April 2010. 6. These data have been published for the first time as a Statistical Release. The intention in the future is to publish regular updates to the data in respect of the 2010 Rating Lists.
5 Restricted ­ Statistics until 09:30 on 26 April 2010 Glossary of terms Category of property: identified by reference to the special category (SCat) code assigned to each hereditament by Valuation Officers. Compiled rating list: a new rating list that comes into effect at the beginning of each valuation period. The current compiled rating list will came into effect on 1 April 2010. Hereditament: a property, which is or may become liable to NNDR, and thus appears on the rating list, compiled and maintained by the Valuation Office Agency (VOA) of HM Revenue and Customs. National Non­domestic multiplier – the factor by which a hereditament’s rateable value is multiplied in order to calculate its business rates liability. National non­domestic rates (NNDR): the means by which local businesses contribute to the cost of local authorities’ services, although their level is set by central government. They are also known as “business rates”. Rateable value: a monetary value assigned to every hereditament within a rating list, based broadly on the annual rent that a hereditament could have been let for on the open market at a set date. Rating list: the Valuation Office Agency’s list of all the businesses and non­domestic properties in England and Wales. There is a separate local list for each Billing Authority. Central Rating list: the Valuation Office Agency’s list of rateable values for companies named in the Central Rating List Regulations 2010, primarily for the network property of major transport, utility, and telecommunications undertakings and cross country pipelines. Billing Authority: a local authority empowered to set and collect non­domestic rates Special category code (SCat code): a code that groups together properties of a similar type. This includes a property’s use. Valuation Officer: an employee of the Valuation Office Agency and the officer authorised by statute to compile rating lists.
6 Restricted ­ Statistics until 09:30 on 26 April 2010 Further information Responsible Statistician: Shadan Yusuf Email [email protected] Contact points: Press enquiries: Kathryn Montague Telephone 03000 500 270 Email [email protected] Other enquiries: Steve Bliss Telephone 03000 500 487 Email [email protected] Web­link: http://www.voa.gov.uk/publications Further information about the work of the VOA, revaluation and related matters is available at www.voa.gov.uk
7