Coun­cil sup­port dur­ing re­gen­er­a­tion

The Wokingham Paper - - NEWS -

Wok­ing­ham Bor­ough Coun­cil ex­plains how it is help­ing town cen­tre traders:

Busi­ness Rates are worked out on a na­tion­ally set rate based on a prop­erty’s ‘rate­able value’ The rate­able value is set by the Val­u­a­tion Of­fice Agency

The Coun­cil has no con­trol over the rate­able value set by the VOA but in­di­vid­ual busi­nesses can ap­ply to have their Rate­able Value re­viewed to re­flect cir­cum­stances such as the works cur­rently go­ing on in town. This is called a ‘ma­te­rial change in cir­cum­stance’ and,

if the VOA agree the sit­u­a­tion war­rants it, the rate­able value of their prop­erty would be tem­po­rar­ily re­duced re­sult­ing in a lower bill for rates.

What have the coun­cil of­fered

Most larger na­tional busi­nesses are well aware of the ma­te­rial change scheme, have their own ex­perts in place and may al­ready be in the process of mak­ing claims to the VOA.

Recog­nis­ing it is harder for smaller and in­de­pen­dent busi­nesses the Coun­cil has of­fered to pay for our own rat­ings ad­vi­sors to sup­port

these lo­cal busi­nesses in un­der­stand­ing the process and con­sider mak­ing rel­e­vant claims.

This ap­proach was used suc­cess­fully with our own ten­ants when Phase 1 works were un­der­way (Clarks cor­ner) and we be­lieve it can help here.

Where are we now?

The Coun­cil, and their Rat­ings ad­vi­sors, met with the Busi­ness As­so­ci­a­tion in Au­gust to of­fer this sup­port

We are wait­ing to hear back from the Busi­ness As­so­ci­a­tion as to whether there is in­ter­est from smaller / in­de­pen­dent busi­nesses in tak­ing this up.

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