The British Property Federation (BPF) has welcomed the announcement by Chancellor Osborne that from October 2013 all newly built commercial property completed between 1 October 2013 and 30 September 2016 will be free from empty property rates for the first 18 months, up to the state aids limit.
Liz Peace, chief executive of the British Property Federation, said: “This is a welcome first step towards mitigating the damage being wrought by empty property rates and we commend the Chancellor for taking heed of the powerful body of evidence that we and other industry groups submitted to MPs and to Treasury over the Summer.
“The Government is rightly desperate to get Britain building again. Introducing a grace period for empty property rates for new development will remove a millstone from around neck of the property industry, and let it get on with what it does best – investing in our towns and cities, regenerating communities and building the offices, factories and shops in which we work.
“However, we urge ministers to look further at how this tax on business failure continues to act as a drag on economic growth.”
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