Loading ...After some recent good news for small businesses with announcements of more generous treatment of the Small Business Rate Relief regulations, the government has announced the end of the generous relief for vacant property under £18,000 rateable value.
The Government will cut the empty rates exemption threshold to just £2,600 from £18,000, claiming that it will save the Exchequer £400 million in 2011/12. From 1 April 2011 the rateable value threshold will therefore revert to its normal level, below which empty properties are exempt from rates.
For the rate year 1 April 2010 to 31 March 2011, the government had raised the threshold to help alleviate the rates burden on vacant property with no rates payable up to £18,000 rateable value.
Ratepayers of vacant property over £2,600 may therefore want to reconsider their strategy as a matter of priority to review other options.
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