Vacant properties can be a significant issue for property owners, not only because they are not generating any income but also because they are subject to business rates. However, there is a solution to this problem in the form of vacant property rates relief.
vacant property rates relief is a government scheme that provides relief on business rates for certain types of vacant properties. This relief can be a lifeline for property owners who are struggling to find tenants or buyers for their vacant properties. By reducing the financial burden of business rates, vacant property rates relief can make it easier for property owners to keep their properties on the market and attract potential tenants or buyers.
There are several types of vacant property rates relief available, each with its own eligibility criteria and benefits. The most common type of relief is known as empty property relief, which provides a 100% discount on business rates for properties that have been empty for a certain period of time. This period of time varies depending on the local authority, but it is usually around three or six months.
Another type of relief is known as exempted buildings relief, which provides relief on business rates for certain types of properties that are exempt from business rates under the law. This can include properties such as farm buildings, churches, and properties that are undergoing major renovation or structural changes.
There is also transitional relief available for properties that were previously eligible for small business rates relief but have now become vacant. This relief can help property owners transition from paying small business rates to paying vacant property rates without being hit with a sudden increase in rates.
In addition to these types of relief, there are also discretionary rates relief schemes available in some areas. These schemes allow local authorities to provide relief on business rates for certain types of vacant properties on a case-by-case basis. This can be particularly helpful for properties that do not fit the criteria for any of the other types of relief.
It is important for property owners to be aware of the vacant property rates relief schemes that are available in their area and to take advantage of them if they are eligible. Failing to apply for relief can result in property owners paying unnecessarily high business rates on their vacant properties, which can put a strain on their finances and make it even harder to find tenants or buyers.
In order to apply for vacant property rates relief, property owners will need to contact their local authority and provide evidence of the property’s vacancy. This can include documents such as utility bills, insurance documents, or evidence of marketing efforts to find tenants or buyers. It is important for property owners to keep detailed records of their property’s vacancy in order to support their application for relief.
It is also worth noting that vacant property rates relief is not automatic and property owners will need to reapply for relief on an annual basis. This means that property owners will need to keep track of when their relief expires and ensure that they submit a new application in a timely manner in order to continue receiving relief.
Overall, vacant property rates relief can be a valuable resource for property owners who are struggling to find tenants or buyers for their vacant properties. By reducing the financial burden of business rates, vacant property rates relief can help property owners keep their properties on the market and attract potential tenants or buyers. It is important for property owners to be aware of the relief schemes that are available in their area and to take advantage of them in order to alleviate some of the financial pressure of owning a vacant property.