Empty Property Rate threshold to revert to £2,600 from 1 April next year!

This one line statement was buried amongst the various announcements on Monday from the Department for Communities and Local Government concerning Business Rates made yesterday by the Parliamentary Under Secretary of State Bob Neill.

This will effect a large number of small and medium sized businesses who still have vacant space, due to the current economic environment. The serviced and managed space sector will be particularly hard hit as this is where an increasing number of assessments under the threshold are to be found.

Whilst there is no getting away from the fact that this is bad news, it should be remembered that vacant space will still merit three months relief (six months if industrial in nature) and that a proactive adviser/operator should still be able to mitigate the empty rate liability.

dohertybaines will be supporting the BCA's campaign which has already commenced to overturn this decision in every way possible and we will also be available for support or advice to mitigate its' impact.

For further information, please contact Fiona Kelly.