Landlords struggling to find tenants for their empty properties have now been dealt a further blow, with the government’s recent announcement of a dramatic cut in the threshold for empty property rates relief.
Currently, landlords do not have to pay business rates on any unlet property with a rateable value of less than £18,000.
The government has, however, now decided that such a concession is “unaffordable” in view of the need to reduce public expenditure and, as a result, has announced that the threshold for exemption will be reduced from £18,000 to just £2,600 as from 1 April this year.
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