Do you own unoccupied Business Premises?
The Government has reviewed the amount of Business Rate relief granted to empty properties with a view to providing a strong incentive to bring vacant property back into use.
Autumn Statement 2012
Autumn Statement 2013, summary of changes that affect Business Rates
- The Government announced that they will support all businesses by capping the RPI increase in business rates to 2% in 2014-15.
- At the Autumn Statement 2012, the Government announced it would be extending the doubling of the Small Business Rate Relief (SBRR) for a further 12 months to April 2014. The Autumn Statement 2013 sees a further extension of the doubling of the SBRR to April 2015. This means that around 360,000 of the smallest business will continue to receive 100% relief from business rates until April 2015, with around a further 180,000 benefiting from tapering relief.
- The Government announces that they will amend the SBRR criteria to allow businesses in receipt of SBRR to keep it for 1 year when they take on an additional property that would currently cause them to lose SBRR, in order to help small businesses with expansion costs.
- Autumn Statement 2013 introduces a temporary reoccupation relief, granting a 50% discount from business rates for new occupants of previously empty retail premises for 18 months, to help reduce the number of boarded up shops on English high streets. The relief will be granted to businesses moving into long-term empty retail properties on or after 1 April 2014 and on or before 31 March 2016.
- The Government will introduce a discount of up to £1,000 against business rates bills for retail premises (including pubs, cafes, restaurants and charity shops) with a rateable value of up to £50,000 in 2014-15 and 2015-16, and will bring forward guidance on how the discount will be applied.
- With over 168,000 cases of rating appeal outstanding as at September 2013, the Government announced a commitment to resolve 95% of outstanding cases by July 2015. The Government will consult in 2014 on changes to provide greater transparency over how rateable values are assessed, improve confidence in the system and allow well-founded challenges to be resolved faster, preventing backlogs building up in future.
- The Government will legislate to allow business rates bills to be spread over 12 months rather than 10 months as currently, with effect from 1 April 2014, to help with cash flow and affordability. The Government will also discuss with business options for longer-term administrative reform of business rates post-2017.
Business Rates Payment Deferral Scheme
Business Rates Multipliers
The level of Business Rates due in respect of your premises is based on a valuation of your property.
FAQs on Business Rates
How to Make Payments
With the exception of properties that are exempt from Business Rates, each non-domestic property has a Rateable Value.
The Transitional Relief Scheme was introduced by the Government - the conversion from General Rates to National Non-Domestic Rates in 1990
Exemptions and Reliefs
If you are the owner of or are leasing a business property which is not being used and is substantially empty, unless the property falls into one of the exempt categories, you will be subject to an Empty Property Rate