The Chancellor has announced a 12 month extension to the rates relief for some empty business properties.

The Government had initially provided a one off exemption for all empty business properties with a rateable value up to £15,000 for the year 1 April 2009 to 31 March 2010. The Chancellor has now confirmed that this relief has been extended until 31 March 2011 and the threshold has been raised exempting all empty properties with a rateable value up to £18,000.

It should be noted that the threshold increase up to £18,000 is in line with the average rateable value increase that will occur as a consequence of the 2010 revaluation of commercial properties. Furthermore from 1 April 2011 the rateable value threshold below which empty properties are exempt from rates will revert to its normal level. The normal level was previously £2,200 but this will be increased in line with the general movement of property rateable values to £2,600.

If you have an empty commercial property which has a rateable value of £18,000 or more and are interested in ways in which you might mitigate your rates liability please contact Aaron Cane or a member of the Property team at Wortley Byers on 01277 268398 or acane@wortleybyers.co.uk.

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