Valuation Tribunal reduces Natural History Museum’s rateable value to £1: A landmark decision

A landmark Valuation Tribunal decision has reduced the Natural History Museum’s rateable value to £1. The basis for the reduction was as follows: 

• the Natural History Museum cannot and does not operate profitably (accounts proving a realistic basis for assessment);
• no other hypothetical tenant would bid for the building; and
• government grant funding could not practically be equated to rental income.

In line with previous case law, the only rational rateable value was judged to be £1.

This is a significant victory for the Natural History Museum and a potentially useful precedent for other museums and public bodies, and some charities, under financial pressure to reassess and challenge their own rating liabilities.

See here for an explanation of the case from the cross specialism Mills & Reeve team that helped secure this important ruling.

If you have any questions please get in touch with Richard New. 

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