Chancellor raises empty rates exemption limit
. Property Costs, Uncategorized.
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There was some good news for owners and occupiers of empty property during the recent Pre-Budget Report where the Chancellor announced that empty properties beneath an increased threshold would remain exempt from business rates for 2010/11.
The Government will increase the threshold on empty property relief to rateable values up to £18,000 for 2010-11. The current exemption for 2009/10 applies to properties up to £15,000 RV. This will ensure an estimated 70% of empty properties will avoid having a rates liability.
This will be of particular good news to landlords who may have multiple empty suites in a building. Assuming the rateable value for the suite is under the threshold, each will receive exemption. This has caused some confusion amongst rateapayers with Small Business Rate Relief which has more strict guidelines over the number and size of the rating assessments.
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