Mullucks Wells
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Empty Property Rate Relief
One of the most controversial announcements in the 2007 Budget referred to changes to the system of Empty Property Rate Relief in England and Wales. Under the current system, owners of industrial property obtain 100% relief from business rates while buildings are unoccupied and owners of retail property and offices obtain 100% relief for empty property for the first three months and 50% relief thereafter.
Under the proposals set out in the Budget, office and retail premises will be given 100% relief for the first three months, and industrial and warehouse premises will be given 100% for the first six months, from when the property becomes empty. All rate relief for these properties will end after this time and the full Non-Domestic Rate will be chargeable. The reform will take effect from 1st April 2008.
For further information, please contact Richard Roberts on 01279 756636.
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