The Challenge

• The property is a diversification scheme in the middle of a 300-hundred-acre farm.
• It offers various activities throughout the year, including tractor rides during the summer and a Spooky World at Halloween.
• The Rateable Value was £35,000 with the owner already seeking unsuccessfully to reduce this via the Valuation Tribunal.
• In defence of their existing Rateable Value assessment, the Valuation Office produced valuations higher than £35,000 as evidence.

Our Solution

• We engaged in discussions with the Valuation Office, agreeing facts and evidence and the basis of the valuation.
• Advice was provided in respect of the appropriate level of value and any offers that should be made to settle the appeal.
• All factors to support a reduction were taken into account including: exemption for the farm land; the non-rateable capital needed to set up the attraction; the costs of repairs insurance; the risk factors affecting an open air attraction and; the specific risk factors affecting this property. 
• We liaised with the owner’s lawyers and other advisors and produced expert reports setting out an independent opinion of value based on the accounts for the business.
• Finally, we attended the Upper Tribunal hearing and presented evidence that showed that the Rateable Value was excessive.

Results

• Having heard the case, the Upper Tribunal (Lands Chamber) determined the appeal in the owner’s favour reducing the Rateable Value from £35,000 to £11,750. This was backdated to 1 April 2017.
• In addition, the owner can now claim 100 per cent Small Business Rates Relief.