Views Wanted On Exempting Newly Built Developments
By Rob Dixon
A property litigation expert has warned property developers and other industry experts that they have only a month left to respond to a consultation related to the Government’s proposal to exempt newly built commercial property from empty property rates.
Under the plans, which were announced in the Chancellor’s Autumn Statement in December last year, all new commercial property completed in England between October 1st 2013 and September 30th 2016 will be exempt from the rates for the first 18 months.
According to the Government, the purpose of the proposal is to stimulate construction and reduce the risks of developers having to pay the rates if their properties are not fully occupied straight away.
The closing date for the consultation is July 26th 2013.
Danny Revitt, a Partner and 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.”
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