As a property owner, one of the many expenses you have to deal with is business rates. These rates are calculated based on the rateable value of your property and are paid to the local council. However, when a property is left empty, the owner is still required to pay business rates, which can become a significant financial burden. This is where empty rates relief comes into play.
empty rates relief, also known as empty property rates relief, is a government initiative that provides relief to property owners who have empty properties. The purpose of this relief is to ease the financial burden on property owners who are faced with empty properties and are still required to pay business rates. empty rates relief can provide significant savings for property owners, but it is important to understand how it works and whether you qualify for it.
There are several types of empty rates relief available to property owners. The most common type is the three-month exemption, which provides relief for the first three months that a property is empty. This means that property owners do not have to pay business rates for the first three months that their property is empty. After the three-month period has expired, the property owner is required to pay full business rates unless they qualify for another type of relief.
Another type of empty rates relief is the six-month exemption, which provides relief for a further three months after the initial three-month period has expired. This means that property owners can receive a total of six months of relief if their property remains empty for longer than three months. In some cases, property owners may qualify for an extended period of relief if their property meets certain criteria, such as being in a designated area or being a listed building.
In addition to the three-month and six-month exemptions, property owners may also qualify for discretionary relief. This type of relief is granted on a case-by-case basis and is provided at the discretion of the local council. Property owners who are facing financial hardship or who are unable to find a tenant for their property may be eligible for discretionary relief. It is important to note that discretionary relief is not guaranteed and is subject to the council’s approval.
Property owners who are planning on refurbishing or redeveloping their property may also qualify for relief under the Enterprise Zone scheme. This scheme provides relief to property owners who are carrying out works to bring their property back into use. Property owners must apply for relief under the Enterprise Zone scheme and meet certain criteria in order to qualify.
It is important for property owners to be aware of the various types of empty rates relief available to them and to understand the criteria for each type of relief. By taking advantage of empty rates relief, property owners can significantly reduce their business rates liability and ease the financial burden of having an empty property. It is recommended that property owners consult with their local council or a professional advisor to determine whether they qualify for empty rates relief and to explore their options for reducing their business rates liability.
In conclusion, empty rates relief is a valuable initiative that provides relief to property owners who have empty properties. By taking advantage of empty rates relief, property owners can save money on their business rates and ease the financial burden of having an empty property. It is important for property owners to understand the various types of relief available to them and to determine whether they qualify for relief. By doing so, property owners can make informed decisions about managing their empty properties and reducing their business rates liability.