Posted by Peter Foskett, Partner
Business rate relief now available on new commercial buildings
As part of central Government’s initiative to encourage development, it has given local authorities the ability to grant business rate relief to newly constructed commercial buildings that remain un-let.
The intention behind this is to encourage speculative building, rather than stay in the current situation where developers are waiting until premises have been pre-let before staring construction.
Local authorities are allowed to give 100% business rate relief for a period of 18 months following practical completion of a new commercial building where this occurred after 1 October 2013.
Wiltshire Council, Bath & North East Somerset Council and Swindon Borough Council have all embraced this boost to the economy and will grant full business rate relief for a maximum period of 18 months while any property remains vacant.
A copy of the Government’s Guidance can be found at: https://www.gov.uk/government/publications/business-rates-new-build-empty-property
If you would advice about any business rate relief or any other commercial property issue contact Peter Foskett in our Commercial Property team on 01793 507 664 or email firstname.lastname@example.org.
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