Autumn Statement Update – Business Rates
In his Autumn Statement, Chancellor George Osborne announced a proposal to exempt newly built empty property from business rates for a period of 18 months up to the state aids limit and subject to consultation.
The proposal will apply to newly completed commercial property built between 1st October 2013 and 30th September 2016.
The Chancellor also announced that the doubling of the Small Business Rate Relief Scheme would be extended for a further 12 months up to 31st March 2014. This means that properties with a rateable value up to £6,000 will not pay business rates.
Rod Edwards, rating director at Eddisons said: all forms of relief from paying business rates should be welcomed, but the Government could have done more to help speculative development.
The 18 month exempt period on new build could have been extended further and started sooner.
The change does nothing to help those already saddled with empty rate liabilities on existing buildings.
For more information on how to reduce your rating liability and for advice on these recent changes, please call our rating team on 0333 6000 110 or email [email protected]
Written by: Richard Roe on Thursday 03/01/2013