Posted: Monday, 4 January 2010 @ 09:29
The Chancellor’s December 2009 pre-Budget Report announced that the Government is to extend and increase the temporary relief from empty property rates for low value properties. The Government will continue the relief for a further year from April 2010.
Further, for 2010-11, empty commercial properties with rateable values up to £18,000 will be exempt from business rates. This continues the exemption for what the Government says is an estimated 70 per cent of empty properties.
Without this relief, after an initial three month ratefree empty period, all properties are subject to 100% rates liability, with industrial and storage premises being subject to 100% rates liability after six months.
Exemption from empty rates liability is been given to registered charities and amateur sports clubs, and relief (as above) is given for properties with a low rateable value. The threshold for the relief, however, means that the relief will remain largely irrelevant for London.
Check out this article for tips on how to avoid business rates
Steve Petty, Commercial Property Solicitor
**See update from 1 April 2011 here**
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