|  Budget
2007 - Changes to Empty Property Rate.
The
Chancellor today announced a major change that will affect
the rates payable on empty property.
Currently,
empty properties are subject to a business rates charge equal
to 50% of the normal occupied charge. This becomes payable
three months after the property becomes vacant. The first
three months being free. This 50% charge, sometimes known
as unoccupied property rate (UPR), is payable on all non-industrial
properties such as shops and offices.
Industrial
properties, such as Factories and Workshops, that are unoccupied
are currently exempt from non domestic rate charges.
The
reforms announced in the budget will reduce the duration of
the existing empty property relief to three months for all
non-industrial properties and six months for industrial and
warehouse properties. Full rates will be payable thereafter.
The
changes will take effect from 1st April 2008.
Complete exemptions from rates will still be awarded to empty
properties held by charities.
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Adrian
Smith is a Rating Surveyor with over 25 years experience
in representing and advising ratepayers. He has an in
depth knowledge from both sides of the fence as he has
spent much of his working life with the Valuation Office
Agency as well as representing private sector business
and acting as consultant to professional
property firms.
He
has the knowledge, experience and technical expertise
to advise on all aspects of rate liability including
valuation, the application of transitional arrangements,
rating appeals, material change of circumstance, temporary
allowances, empty property rate, section 44a relief,
transitional certificates, charitable and other reliefs,
as well as acting on your behalf in an appeal against
your rateable value and representing you at valuation
tribunal.
If
you are a ratepayer or a property professional and require
advice on rating matters it is essential that you consult
a rating specialist.
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