The Autumn Statement has heralded some further good news for small business owners and developers says commercial property agent Prop-Search.
In his speech of 05 December 2012, Chancellor George Osborne announced that Small Business Rates Relief will be extended for another year. Eligible businesses – those whose sole commercial property occupied has a Rateable Values less than £6,000 – will now pay no business rates until 01 April 2014. The Government estimates that over half a million small businesses will benefit from this extension.
The Chancellor has also outlined a proposal to create a long-grace period for the payment of empty property rates for newly completed buildings. To help promote further private investment, the Government has announced that all newly built commercial property completed between 01 October 2012 and 30 September 2016 will be exempt from empty property rates for the first 18 months, up to the state aids limit, subject to consultation.
Samantha Jones a Surveyor at Prop-Search said: “This exemption from empty rates is welcomed as it will remove a millstone from around the neck of developers and help to promote much needed new speculative development. However, there is more that could be done as this tax still represents a continued imposition of 100% rates liability on landlords of existing unoccupied commercial properties.”
