New reforms for empty property relief
Business rates breaks for companies in administration
Companies in administration can now get a permanent exemption fro
m empty property rates. The government has also decided that empty listed buildings like shops, offices and visitor attractions will continue to qualify for tax concessions because of the extra work required to bring them back into beneficial use.
Local Government Minister John Healey has also rejected bringing in immediate new rules to tackle possible deliberate dereliction by unscrupulous owners to avoid empty property rates although he promised the situation would be monitored carefully.
Healey’s department is now drafting the relevant secondary legislation to give effect to the reforms on empty property relief including introducing the new six month exemption from empty property rates for vacant industrial and warehouse properties, as announced in the 2007 Budget.
The aim is to lay this secondary legislation before Parliament so that all aspects of the new reforms to empty property relief can come into effect on 1 April 2008. The proposed reforms to empty property relief are part of a package of measures introduced in the Budget to help encourage the efficient use of land, to help increase the supply of commercial property and to reduce costs for businesses.
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