Home Commercial Property Commercial Property News
Higher taxes on empty buildings
Feb 20 2008 by Tony McDonough, Liverpool Daily Post
OWNERS of empty commercial and industrial buildings are to face higher taxes as a result of new legislation coming into force on April 1, a Merseyside lawyer is warning.
Mace & Jones head of real estate, Karl Jackson said from April, the amount of relief given against business rates on empty commercial and industrial buildings will be slashed.
Mr Jackson said the Rating (Empty Properties) Act 2007 effectively removes the 50% relief from business rates currently enjoyed by vacant commercial properties.
As a result, empty rate costs for owners and developers of office or shop premises will double. Moreover, owners of unoccupied industrial property, who have not been required to pay any empty rates, now face a significant rates liability.
Mr Jackson said there are still some exemptions for certain premises that won't have to pay any business rates at all.
classifieds
Hot Deals
Copyright and Trade Mark Notice © 2008 owned by or licensed to Trinity Mirror North West & North Wales Limited. Liverpool Daily Post™ is a trade mark of Trinity Mirror North West & North Wales Limited. Please read our Terms and Conditions and Privacy Statement before using this site.