Landlords face a £100m+ extra tax bill due to lower occupancy rates.
The new empty buildings tax, which came into effect this April, will raise
£150m more than originally suggested, according to a survey by NB Real Estate.
Original estimates put the likely windfall for the Treasury at £950m, but
lower occupancy rates will hand the Treasury another £150m on top, reports the
Vacant commercial properties not put to practical use face the tax.
‘This empty rates tax was conceived when the property market was performing
strongly but the downturn is heaping misery on misery,’ said Andrew Warde,
director of rating at NB Real Estate.
A Treasury source said it was wrong to presume it would get a windfall from
rising vacancy rates, the paper reported.
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year