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Void Rates Threshold Change
In April 2011 the Government changed the threshold limit below which Rates are not payable on empty commercial property.
Prior to April the threshold was Rateable Values below £18,000 and this has now been reduced to below £2,600. Accordingly more commercial premises will now come in to the Rating system once vacant, after a qualifying period.
Generally retail and office premises have a 3 month void period before 100% Rates become payable, and industrial/warehousing, a 6 month period.
There are a number of ways in which the Rates burden on empty properties can at least be mitigated if it cannot be avoided entirely. Contact Paul Knighton at Kingston to find out more.
For further information on empty rates please click the link below:-
April 2011