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12/11/2008
Removing empty commercial property rates a "serious oversight" |
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The Forum of Private Business (FPB) has claimed that abolishing empty property rates relief was a grave mistake.
A spokesperson for the FPB said that every high street is "struggling at the moment" and the decision to remove the support was taken at a bad time.
The Rating (Empty Properties) Act 2007 increased liability to business rates for vacant commercial properties from 50 per cent of the occupied rate to 100 per cent.
With small businesses facing various problems - including competition from supermarkets– he said they "need to be given the encouragement and incentives to grow".
However, the spokesperson added that removing empty property rates relief is "doing the exact opposite"
Last month, CB Richard Ellis reported that commercial property values fell by almost seven per cent in the third quarter of 2008, an increase on the three per cent decline seen during the second quarter. |
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