Empty building business rates relief, also known as the Empty Property Rates Relief (EPRR), is a government initiative aimed at supporting businesses that own empty commercial properties. The relief provides a temporary exemption from business rates for unoccupied buildings, encouraging property owners to bring these spaces back into use.
Business rates are a tax on non-residential properties that are used for commercial purposes. These rates are typically payable by the occupier of the property, whether they are a business or an individual, and are based on the rateable value of the property. However, when a commercial property sits empty, the burden of paying business rates falls on the owner.
The empty building business rates relief was introduced to alleviate this financial burden on property owners and incentivize them to find new tenants or make improvements to the property to attract occupants. The relief provides a temporary exemption from paying business rates on empty properties, usually for a period of three months for industrial properties and six months for all other types of commercial properties, such as offices, retail spaces, and warehouses.
Property owners can make a claim for empty building business rates relief if their property has been unoccupied for a certain period of time and meets certain criteria set by the local council. It is important for property owners to check with their local authority to understand the specific eligibility requirements and how to make a claim for the relief.
There are several benefits to taking advantage of empty building business rates relief. Firstly, it provides financial relief to property owners who are struggling to cover the costs of business rates on empty properties. This can be particularly beneficial for small businesses and property owners facing financial challenges.
Secondly, the relief encourages property owners to take action to bring their empty buildings back into use. By providing a temporary exemption from business rates, the government is incentivizing property owners to find new tenants, make improvements to the property, or explore alternative uses for the space. This not only helps to revitalize empty properties but also contributes to the overall economic growth and development of the area.
Moreover, Empty Building Business Rates Relief can help to prevent the decline of commercial properties in a particular area. By encouraging property owners to maintain and actively market their empty properties, the relief helps to preserve the value of these assets and prevent them from falling into disrepair. This is beneficial not only for property owners but also for the wider community that may be affected by the presence of vacant and neglected buildings.
In order to make the most of Empty Building Business Rates Relief, property owners should take proactive steps to utilize the relief to its full potential. This may involve actively marketing the property to potential tenants, making improvements to the building to increase its appeal, or considering alternative uses for the space.
Property owners should also be aware of the time limitations associated with Empty Building Business Rates Relief. The relief is typically provided for a limited period of time, after which normal business rates will apply if the property remains unoccupied. Property owners should ensure that they have a plan in place to bring the property back into use within the timeframe specified by the local council to avoid being hit with additional costs.
It is also important for property owners to keep up-to-date with any changes to the Empty Building Business Rates Relief scheme. The government periodically reviews and updates the criteria and eligibility requirements for the relief, so it is essential for property owners to stay informed and seek guidance from their local authority if necessary.
In conclusion, Empty Building Business Rates Relief can be a valuable tool for property owners looking to alleviate the financial burden of owning empty commercial properties. By taking advantage of the relief and actively working to bring their empty buildings back into use, property owners can not only benefit financially but also contribute to the revitalization and economic growth of their local area.