TaxCorporate TaxTax hike targets empty properties

Tax hike targets empty properties

Rate relief on empty properties to be cut sharply to boost regeneration

A new bill that will drastically reduce the rate relief on empty properties
and net £900m for the
Treasury is due to
be published tomorrow.

The measure, which was included in the Budget, has been introduced to put
empty shops, office blocks and factory buildings back into use,
the FT
reports.

Empty commercial property currently attracts 100% rate relief for three
months and then 50% from then on. Under the new rules business rates will apply
after six months for factories and three months for other properties.

The Conservatives
have criticised the move as a stealthy tax hike by the government.

Further reading:

British Land removes billion pound tax bill

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