CBRE’s Scottish Rating team has been successful in Material Change of Circumstance (MCC) appeals on behalf of a group of major Aberdeen business ratepayers which could see rates bills reduced for a range of businesses in the Region.
CBRE identified and pursued the MCC appeals on the basis that the law allows ratepayers to challenge and potentially reduce business rate charges in light of the current exceptional economic circumstances in the region.
CBRE considered the matters at issue necessitated the pursuit of the appeals to the Grampian Valuation Appeal Committee (GVAC) despite there being views amongst other advisors that there was little prospect of success.
The law and valuation issues in MCC appeals are technical and complex and CBRE have been working on the appeals over a period of months culminating in the GVAC hearing in December.
The GVAC decision issued this week accepts there is a MCC affecting the local office market and consequently reduced the assessments of the appeal properties by 16.5% from April 1 2016.
Commenting on the decision. Brian Rogan, Head of Rating and Taxation for CBRE in Scotland said “We have shared the decision with our clients who are understandably pleased at the prospect of some reduction in their rates bills following the determination. All parties to the case can now consider the detail of the decision but while appeal rights to the Lands Valuation Appeal Court remain open to either or both parties it would be inappropriate to comment further in public”.
"Our success is also good news for other relevant local ratepayers who will now be entitled to lodge MCC appeals".