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14/12/2009
New tax rule to "irritate" large commercial landlords |
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A tax break for cheaper empty properties is "welcome", but those who might use the services of a property lawyer for commercial transactions will go on being "irritated" by the commercial property rate tax they will still have to pay on large ones, it has been argued.
Business development director at the Local Data Company Matthew Hopkinson said the announcement by Alistair Darling in his Pre-Budget Report that commercial rates will not be paid on empty properties with a rateable value below £18,000 until 2010-11 was good news.
He stated: "I would welcome the threshold of £18,000 from the point of view of enabling smaller businesses perhaps to go in and start-up," adding that it would also encourage existing entrepreneurs to try to increase their portfolios.
However, landlords controlling large amounts of space will not enjoy still facing the tax and could be hit hard if their clients include retailers that go bust in the near future, Mr Hopkinson predicted.
Following the Pre-Budget announcement, chief executive of the British Property Federation Liz Peace argued that the claim by Mr Darling that 70 per cent of commercial properties would be exempt from the tax was "a lie".
Written by Anthony Dyson
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