A consultation on proposals by the UK government which may see newly-built commercial property exempt from empty property rates will be closing soon.
The plans, which were announced in the Autumn Statement, propose that any new commercial property built in England between October 1st 2013 and September 30th 2016 will not pay empty property rates for the first 18 months after construction.
The aim of the proposal is to encourage construction of developments without investors having to worry about filling buildings immediately.
A public consultation over the matter is currently taking place with property developers across the UK. The consultation closes on July 26th.
According to The Business Desk, Danny Revitt, property litigation specialist at Irwin Mitchell’s Sheffield office, said: "This policy has a significant potential to encourage developers to get the ball rolling on new development, stimulating the creation of quality property and jobs in the process. Ultimately, the general view will be that this is a positive step that could benefit many.
"We would encourage anyone affected by issues like this to ensure that their voices are heard and provide the government with vital feedback on their proposals."
Currently, business rates are charged on most non-domestic properties, with an assigned value being given to each premise by the Valuation Office. This value is then multiplied by local authorities to calculate how much the property owner has to pay.
At the moment, commercial property owners are exempt from paying rates if a property is empty for three months, while industrial sites can remain vacant for six months. Buildings with a rateable value below £2,600 are exempt until they become occupied again.