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| News » Company and Commercial Law » Industry body warns tax rules for empty property will 'prolong commercial property slump' |
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11/08/2008
Industry body warns tax rules for empty property will 'prolong commercial property slump' |
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New tax rules on empty buildings could prolong the country's commercial property slump, an industry body has warned.
The British Property Federation (BPF) has warned that the decision to end tax relief on empty properties "makes no sense".
Under the new rules, owners of empty properties would be forced to pay 100 per cent rate bills after six months vacancy for industrial property and three months for any other commercial property.
Liz Peace, chief executive of the British Property Federation, said: "It is a tax on failure, a tax on a lack of business success, which seems pretty potty and not very helpful in a downturn. Taxes on failure are likely to make that failure even deeper."
Peter Cosmetatos, finance director at the BPF, said that Chancellor Alistair Darling was simply creating "chaos" in the economy in a move that was "ill-conceived".
He accused the government of "hurting regeneration" and reducing the amount of affordable property needed for businesses to thrive. |
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