Discusses the definition of Material Change of Circumstances (MCC) after the Central London Valuation Tribunal's (LVT) decision of 8 December 2003 in respect of a number of appeals lodged by ratepayers in New Bond Street. The LVT concluded that the fall in tourist numbers visiting retail properties in New Bond Street because of the September 11 terrorist attacks represented a MCC. That the rental values of the properties immediately after September 11 were significantly affected. That nine out of the 19 assessments from September 11 to the end of 2001 were reduced, but determined that there was no MCC after 1 January 2002, anddismissed appeals in respect of the remaining 10 properties. The reductions have been appealed. Concludes that there is a dispute over the definition of MCC where the events giving rise to the appeal take place away from the locality of the appeal property and that ratepayers will be encouraged now to lodge appeals immediately after any MCC. The Valuation Office Agency is appealing to the LT against the decision. The appeal is due to be heard in Spring 2005.