HMRC has published an updated practice note for Valuation Officers covering the contractor’s basis valuation method, specifically addressing how age and obsolescence allowances are calculated and applied. This guidance is designed to ensure consistent application of these allowances when assessing property values for rating purposes. The note provides technical direction to officers responsible for valuing commercial and industrial properties using the contractor’s method where direct market comparables are unavailable.
Source: HMRC (GOV.UK) – Read the original