Reduction in empty rates relief – a blow to landlords and owners of commercial property.
This week has seen a further increase in the tax burden on landlords and Small businesses who own commercial property. In a further drive to raise revenue by central government, the threshold at which an empty property is liable for full rates has dropped from £18,000 to £2600. This effectively means that many owners of commercial properties will become liable for huge payments even if their properties are generating a nil income. Richard Priestley, MD of Exeid the boutique commercial property consultancy said "this change is nuts. It would be like taxing PAYE and NI to an employee who was out of work with no income. It makes no logical sense at all.” It is thought that the move will result in a further destabilisation of the commercial property market…