The Non-Domestic Rating (Miscellaneous Provisions) (Amendment) (England) Regulations 2004
Regulation 2 of the Non-Domestic Rating (Miscellaneous Provisions) (No. 2) Regulations 1989 makes provision in relation to valuation of non-domestic property by reference to the notional cost of constructing or providing a hereditament (“the contractor’s basis”), which is applied where there is no more direct evidence of rental value. Regulation 2 specifies the annual percentage rate to be applied in relation to the notional cost of construction. These Regulations amend that regulation, as respects England, in respect of hereditaments shown in a rating list prepared on or after 1st April 2005 by providing for the annual percentage to be 3.33% in the case of certain defence, educational or healthcare hereditaments and 5% in other cases.