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2008 Pre-Budget Report on Empty Property Relief

The Government intends to increase the threshold at which an empty property becomes liable for business rates. For the 2009/10 financial year, empty properties with a rateable value of less than £15,000 will be exempt from business rates (exempting, according to the Treasury, an estimated 70% of empty properties, although this includes assessments such as advertising hoardings). The Government is currently working on the necessary legislation which will be effective from 1 April 2009. This potential one year relief for lower value properties is targeted at helping small businesses manage the pressures due to the current market conditions.

The Government has stated that it continues to believe that it is right to charge rates when a property is empty, as it states this will increase the incentive to re-let/re-use empty properties; however the policy is bound to cause difficulties for many caught by a poor letting market and for those hemmed-in by loan commitments.

It has not been announced that London properties will attract any higher threshold, nor yet have any anti-avoidance measures been announced. It might therefore be possible to split assessments larger than £15,000 rateable value to gain the relief.

For further information please contact:

Nick Eden FRICS MCIArb

Senior Partner
Professional Department
DDI:020 7643 1510
Email: n.eden@kinneygreen.com

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