commercial property lambert smith hampton

News - 05/12/2012

Autumn Budget Statement View

Chancellor George Osborne today announced that a longer grace period for the payment of empty property rates, for newly completed buildings will be introduced in 2013.

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The Government has ruled that all newly built commercial property completed between 1 October 2013 and 30 September 2016 will be exempt from empty property rates for the first 18 months, up to the state aids limit and subject to consultation.

Commenting on the proposal Richard Wackett, national head of rating at Lambert Smith Hampton said: “Any assistance given by the government to encourage new property development is of course very welcome, but this latest proposal does not go far enough.

“We would have hoped to see the empty property rates relief also applied to older properties and the grace periods for commercial and industrial premises stretched much further than the three and six month periods (respectively) which currently apply.

“Furthermore, this relief does not apply for another year and that is too late. Measures like this need to be introduced earlier to give the economy a much needed boost.”

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