Empty buildings can be a significant financial burden for property owners, especially when it comes to paying business rates on a property that is not generating any income. In recognition of this issue, the government offers relief on business rates for empty buildings, known as empty building business rates relief. This relief scheme is designed to provide some financial support to property owners during periods when their buildings are unoccupied. In this article, we will explore how empty building business rates relief works and how property owners can benefit from this scheme.
empty building business rates relief applies to commercial properties that are completely unoccupied and have been so for a certain period of time. The relief is intended to give property owners some breathing room in terms of business rates payments while they work to bring their buildings back into use. The length of time for which relief is granted can vary depending on the specific circumstances of the property, but it is typically 3 to 6 months for most properties.
To qualify for empty building business rates relief, property owners must demonstrate that the building is unoccupied and that they are actively seeking to rent or sell the property. This means that property owners cannot simply leave a building empty to avoid paying business rates; they must be making a genuine effort to find a tenant or buyer for the property. Property owners may also be required to provide evidence of their efforts to market the property, such as listing the property with a commercial real estate agent or advertising it online.
It is important for property owners to be aware of the specific eligibility criteria for Empty Building Business Rates Relief in their local area, as these criteria can vary from one jurisdiction to another. In some cases, relief may be granted automatically for a certain period of time after a property becomes empty, while in other cases, property owners may need to apply for relief through their local council. Property owners should contact their local council or a qualified property professional for more information on how to apply for Empty Building Business Rates Relief.
While Empty Building Business Rates Relief can provide much-needed financial support to property owners, it is important to keep in mind that this relief is only temporary. Once a property is occupied again, business rates will be due in full, so property owners should use the relief period wisely to try to bring their buildings back into use. This may involve making necessary repairs or renovations to make the property more attractive to potential tenants or buyers, or adjusting the asking rent or sale price to make the property more competitive in the market.
In addition to Empty Building Business Rates Relief, property owners may also be eligible for other forms of relief or support to help them manage empty properties. For example, some local councils offer discretionary rates relief for properties that are actively being marketed for rent or sale, or for properties that are being brought back into use for a specific purpose, such as affordable housing or community services. Property owners may also be able to take advantage of other incentives or grants to help them bring their empty buildings back into use, such as property renovation grants or tax credits for historic preservation.
Overall, Empty Building Business Rates Relief can be a valuable resource for property owners who are struggling to manage empty buildings and the associated business rates payments. By understanding how the relief scheme works and taking proactive steps to bring their buildings back into use, property owners can minimize the financial impact of empty properties and help revitalize their local communities. Property owners should work with their local council and seek advice from qualified professionals to make the most of Empty Building Business Rates Relief and other available support services.