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24/11/2008
Commercial property sector calls for rates review |
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The government could cause "long-term damage" to the economy unless it announces a review of empty property rates in the pre-Budget report, spokespeople for the commercial property sector claim.
Critics of the scrapping of rate relief - which now forces a business to pay tax on a building that has been vacant for more than three months - suggest that many companies have been forced to demolish empty buildings to avoid paying tax, the Telegraph reports.
Francis Salway, chief executive of Land Securities, told the publication that the tax will bring "more demolition and less regeneration".
Liz Peace, the chief executive of the British Property Federation, said this is a case of the government "causing long-term damage to the economy by punitively hitting firms with property they cannot use because of the downturn".
Failure to act will send a clear signal that the state is "wholly uncommitted" to helping businesses, she added.
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