05 February 2016 #Commercial Real Estate
Briefing Note: Business Rates – Changes in 2016
Commercial Property owners should be aware that the empty property rate relief scheme for newly built commercial property will end on 30 September 2016. The temporary scheme has applied to new build commercial buildings since 1 October 2013. The relief is still available for qualifying buildings up to that date.
The criteria for what is a qualifying building is that a property must:
The scheme provides for qualifying empty buildings to benefit from a total maximum of 18 months of rate relief, topped up from the usual 3 months (for retail/offices) or 6 months (for industrial/warehouses).
Listed buildings, of course, have a full exemption from rates when empty.
Watch out also for the publication of the structural review of business rates which is due to report by the time of Budget 2016. It is expected that the Government may indicate its long-term intentions for business rates in England as a response to the review.