Non domestic rates, also known as business rates, are taxes levied on non domestic properties such as shops, offices, warehouses, and factories. These rates are charged by local authorities in the UK based on the rateable value of the property. However, there is a relief scheme in place for empty properties known as non domestic rates empty property relief.
Empty property relief is a relief scheme offered by local authorities to property owners who have non domestic properties that are vacant for a certain period of time. This relief scheme helps property owners by reducing the amount of business rates they have to pay on their empty properties. The aim of this relief scheme is to encourage property owners to bring empty properties back into use and to prevent properties from sitting vacant for extended periods of time.
There are two types of empty property relief available to non domestic property owners: the empty property rate relief and the empty property rate relief for industrial properties. The empty property rate relief applies to most non domestic properties that are vacant, while the empty property rate relief for industrial properties applies specifically to industrial properties that are vacant.
The empty property rate relief applies to non domestic properties that have been empty for a period of at least three months. Once a property has been empty for three months, the local authority will grant a 100% reduction in business rates for the next three months. After the initial three months of relief, the property owner will have to pay the full business rates unless they qualify for additional relief.
The empty property rate relief for industrial properties applies to industrial properties that have been empty for a period of at least six months. Once a property has been empty for six months, the local authority will grant a 100% reduction in business rates for the next six months. After the initial six months of relief, the property owner will have to pay the full business rates unless they qualify for additional relief.
Property owners can apply for empty property relief by contacting their local authority and providing evidence that the property has been empty for the required period of time. The local authority will then assess the application and determine whether the property owner qualifies for relief. If the application is successful, the property owner will receive a refund for the appropriate amount of business rates.
It is important for property owners to be aware of the regulations and requirements for empty property relief to ensure that they are not paying more in business rates than necessary. By taking advantage of the empty property relief scheme, property owners can save money on their business rates and help to bring vacant properties back into productive use.
In addition to the empty property relief scheme, there are also other reliefs available to non domestic property owners, such as small business rate relief, rural rate relief, and charitable rate relief. These relief schemes are designed to help reduce the financial burden on property owners and encourage business growth and development.
Overall, non domestic rates empty property relief is a valuable scheme for property owners who have vacant non domestic properties. By taking advantage of this relief scheme, property owners can save money on their business rates and help to stimulate economic growth by bringing empty properties back into productive use. It is important for property owners to be aware of the regulations and requirements for empty property relief to ensure that they are maximizing their savings and reducing their business rates burden.