Retail Trade: Business Rates
The question
To ask the Chancellor of the Exchequer, what analysis has been conducted on the potential impact of business rates levels on commercial vacancy rates.
Answered by Dan Tomlinson
Empty Property Relief (EPR) operates by providing owners of empty non-domestic properties with 100% relief for the first 3 months (or 6 months for industrial properties) after a property becomes empty. If the property remains empty once the relief period ends, the owner must pay the property’s full business rates liability.
At Budget, the Government published a Call for Evidence at Budget which focuses on how reform of the business rates system can be used to incentivise and secure more investment by Britain’s businesses. This Call for Evidence builds on the findings of the Transforming Business Rates: Discussion Paper and asks stakeholders for more detailed evidence on how the business rates system influences investment decisions.
The Call for Evidence published at Budget seeks further evidence on the role business rates and reliefs play in investment, including Empty Property Relief.
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