Essentially, it means being hit even harder as there is a significant cost to an investor or operator without any financial return on the property.
100% business rates are due on all commercial properties with an RV of £1,700 and over. Empty Property Relief is available for claim when premises become vacant. Listed Buildings are exempt from the payment of rates.
For empty Shops and Offices, there is 50% exemption for 3 months from the date the property became vacant followed by 10% relief thereafter.
For empty industrial property, there is 100% exemption for the first 6 months, followed by 10% Relief.
We are already engaged on a number of properties where vacant rates are having a detrimental effect on profits. Our ‘plan of action’ involves dealing with both Assessors and Councils to come out with the best strategy to mitigate vacant rates and also factor in any other Relief options which may be available to provide the best overall solution for the client.
If this currently or potentially affects you, please get in touch with myself or my colleague Gary Walton direct for further information via or contact our team at www.businessratesadvice.com