At a time when business rates are making headlines for the wrong reasons, the Supreme Court has reversed a high profile rating case decision providing ratepayers with some welcome good news.
Last year the Court of Appeal determined that there should be no reduction in rateable value whilst comprehensive schemes of works were ongoing – meaning full rate liabilities had to continue to be paid during redevelopment works despite the fact property could not be physically occupied.
The decision is a boost for ratepayers either contemplating new projects or who have undertaken works and have appeals lodged in the system with the prospect of success dependent on the determination.
Commenting on the historic judgement, Peter Fullam, national director, Rating, at JLL said: “This is the outcome that the property industry has been hoping and praying for and will restore the law to its previous position.
“Now the battle is over, developers and investors will be able to commission new schemes with far more certainty going forward.
“With all the recent publicity about the revaluation it is pleasing to be able to cover good news, not only for ratepayers but also for the property market as a whole in removing a potential obstacle to much needed redevelopment in towns and cities”.