09-04 Adjustments To Notional Income In 2009/10 For Newly Rateable Crown Land
Councils are now invited to apply for "Adjustments to Notional Income for Newly Rateable Crown Land" in 2009/10. Form "SV-2" has been e-mailed to councils separately for completion and return by the due date.
Applications can now be submitted by councils for an increase in their notional general income in respect of former Crown properties that have become permanently rateable.
This can be done for properties where a supplementary valuation was provided in a year before it was sold (and therefore became rateable). Section 509 of the Local Government Act 1993 only permits supplementary valuations of rateable land to be added to the next year’s notional general income (in Workpaper 1 of the Rating Return). Land that becomes rateable in the same year that a supplementary valuation is provided is therefore not to be included in this adjustment. Read more...