- any property (real or personal or mixed) that can be inherited
- The property rented from other parties is included in the rateable hereditament of Vtesse.
- As already explained, its hereditament is not subject to a revision mechanism.
- These matters include in particular ‘matters affecting the physical state or physical enjoyment of the hereditament’, and ‘matters affecting the physical state of the locality in which the hereditament is situated’.
- In any case, a methodology that consists in separating parts of BT's hereditament and valuing them in isolation seems questionable.
- The rateable value of its hereditament was GBP 467 million in England and GBP 26 million in Wales in 2000.
- It cannot reach a settlement on a basis that does not represent the correct rateable value of the hereditament concerned.
- No model predicting the turnover likely to be derived from occupation of the hereditament over a five-year period was prepared.
- Vtesse put forward new elements that tend to show that the hereditament of BT is under-valued under the R&E method.
- The R & E valuation takes the expected receipts, which are relevant to the rateable occupation of BT's hereditament, and deducts the relevant expenses.
- The UK authorities explain that the R&E method was the only one that was available to assess BT's and Kingston's hereditament.
- Vtesse failed to take into account separately assessed properties and the rateable value of BT's hereditament in Scotland and Northern Ireland.
- The UK Authorities first emphasise that all valuation methods should arrive at the same result: the hypothetical rent that would be paid for the hereditament.
- The value of a hereditament is influenced by a number of factors including its function, its physical layout, its extent and the regulatory environment under which it operates.
- It is therefore likely that the market rent of BT's property portfolio in isolation will be different from its value when included in BT's hereditament.
- The selection of the appropriate valuation method is not a discretionary decision: it will depend on the nature of the hereditament and the nature of the available evidence.