November 27, 2008

Rate relief on empty properties

The Chancellor of the Exchequer’s pre budget report had many interesting things to announce, but it was the property sector that needed a boost in order to either revive the market, but that would have been just too much to ask. Alternatively, offer some much needed help to those who are involved in the property market.

Well there were no surprises when the Chancellor failed to do anything that could possibly give the property sector boost, but there was something for those owners involved in the commercial property sector, as some will now qualify for rate relief.

The commercial sector has been hit just as hard as the residential sector and there are many commercial properties lying empty. It is these properties that will get some help with rate relief for the year 2009/2010, so long as they are valued at below £15,000, which is about seventy per cent of the market.

Source [The Letting Site]