Empty Property Rates Relief

Empty rates came into effect on 1 April 2008. Prior to that, if a property was not let or occupied for six weeks, it was entitled to a rates holiday of six months.

But since the changes in April, landlords will have to pay full rates for offices and shops left vacant for 3 months and industrial property left vacant for 6 months.  The legislative changes were roundly condemned by the British Retail Consortium, the British Property Federation, RICS and the CBI.

A petition to Gordon Brown for the scrapping of amendment to the empty property legislation can be found by following this URL; 

http://petitions.number10.gov.uk/emptythreat/

For further information, contact Siobhan Goodacre on 0115 947 6651.

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Posted by Siobhan Goodacre on Wednesday, November 19, 2008 10:52 AM

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Energy Performance Certificates - countdown to 1 October 2008

By 1st October 2008, Energy performance certificates (EPCs) will have to be provided when any building is sold, rented out or newly built, whether that building is domestic or commercial. EPCs show how efficiently the fabric of the building is designed (the asset rating) and are accompanied by recommendations, which set out both measures which could be taken relatively easily and longer term measures to improve energy efficiency. An EPC is valid for ten years once produced.

EPCs are produced by professionally trained and accredited assessors (assessors), who must carry out their work in an independent manner. Assessors are checked with the Criminal Records Bureau and must be members of an accreditation scheme. The scheme ensures that they are fit and proper to practice, imposes a code of conduct, and will remove their accreditation if there is any evidence of wrongdoing.

All EPCs are lodged on either of two central registers (the registers): the domestic register and the commercial register. There is no public access to the registers in order to preserve the privacy of owners of the properties that have EPCs. Energy assessors can access a previous EPC on a property by reference to its unique property reference number.

The local weights and measures authority in each area is responsible for enforcing the EPB Regulations 2007. Enforcement will normally be carried out by Trading Standards Officers issuing penalty charge notices to those who fail to comply. The level of the penalty charge varies according to the type of property. For example, the penalty for failing to comply with the EPB Regulations 2007 when selling or renting out a dwelling is currently set at £200. The penalty for failing to provide an EPC when selling or renting out commercial property is, in most cases, 12.5% of the rateable value of the building, with a minimum penalty of £500 and a maximum penalty of £5,000.

There has been, and will no doubt continue to be, much debate on the merits of EPCs (especially in multi-tenanted commercial buildings) and whether these will really make a difference in the fight against global warming.

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Categories: Property
Posted by Siobhan Goodacre on Wednesday, September 17, 2008 10:49 AM

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Stamp Duty Relief and HomeBuy Direct Scheme

It seems the Chancellor’s “assistance package” to help the housing market has received a luke warm response at best.  The revised Stamp Duty threshold of £175,000 is unlikely to see a rush to purchase homes.  Equally, the announcement of the HomeBuy Direct scheme, which is designed to assist low income families and/or first-time buyers with their deposit, may not be the saviour some hope.  There is some detail to follow but it is understood that the funding for the HomeBuy Direct Scheme is to come from the Regional Development Agencies, to the tune of up to £300m some say!

 

Time will tell whether Mr. Darling has “got it right” but some commentators believe it is “too little, too late”.

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Posted by Damian Rockley on Friday, September 05, 2008 12:34 PM

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Come on Darling.......

At the start of August, chancellor Alistair Darling said a cut in stamp duty was one option that he was considering, prompting speculation in the press that a stamp duty land tax holiday was going to be given.  The National Association of Estate Agents reported a 25% increase in the rate of residential sales falling through last week as people wait to see what the chancellor will do.

The British Retail Consortium has also written to Alistair Darling asking him to use his upcoming pre-Budget report to reduce commercial property costs for struggling retailers. The BRC has suggested a series of measures, including the re-introduction of empty property relief, which was abolished in April of this year.  Another proposal was to allow tax relief on the large premiums paid particularly by retail tenants to exit uneconomic leases.

We await your pre-Budget Report with interest Mr Darling.....

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Posted by Siobhan Goodacre on Friday, August 22, 2008 10:26 AM

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