From October 2013, a relief of rates on empty properties will come into force in the UK, aiming to boost confidence in the sector and grow optimism for new business and industrial projects.
Under current laws, business rates are charged on non-domestic properties 3 months after their completion date. It has, in many cases, stalled construction of new builds and halted major developments. In tough times, businesses are finding it hard to source the money to pay for new business premises.
The newly announced relief will apply to properties completed between 1st October 2013 and 30th September 2016 – it is said to be worth an estimated £150 million and will benefit more than 11,000 commercial properties.
An additional announcement has seen the government promise to double small business rate relief – some of the UK’s smallest businesses will now be effectively receiving 100% rate relief on properties up to £6000 rateable value.
It bodes well for development projects such as the East Kent Regeneration programme – and should pave the way for a wider variety of businesses setting up around the country.
For more information, visit the government’s website.