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Changes to Empty Property Rate Relief from 1 April 2008
The Government has reformed empty property relief in order to provide a strong incentive to bring empty properties back into use. The Government intends to remove empty property relief to commercial properties that have been empty for more than three months or six months in the case of industrial or warehouse properties with effect from 1 April 2008.
The Government states that these reforms are to encourage owners to re-let, re-develop or sell unused property thus improving access to premises and reducing rents for businesses, as well reducing the need for development of Greenfield land. This reform is designed to provide a positive incentive to bring vacant shops, offices, factories and warehouses back into use.
Empty properties held by charities, community amateur sports clubs and companies in administration will be exempt from empty rates.
GENERAL INFORMATION
The non-domestic rates, or business rates, are collected by Spelthorne Borough Council and are the means by which businesses and others who occupy non-domestic property make a contribution towards the cost of local services. Except in the City of London where special arrangements apply, the rates are pooled by central government and redistributed to local councils according to the number of people living in the area.
This money, together with revenue from council taxpayers, revenue support grant provided by the Government and certain other sums, is used to pay for the services provided by Spelthorne and other local authorities in your area.
There are currently just over 2400 non domestic properties in Spelthorne with a total Rateable Value of £108.6 million.
Put simply, the rate liability for each property is calculated by multiplying its rateable value by the non domestic multiplier.
The rateable value is assessed by the Valuation Office (an agency of HM revenues and Customs) and is generally based on rental values together with circumstantial and geographical allowances. Every property in the Borough is listed in the Valuation List which can be viewed online at the Valuation Office website at www.voa.gov.uk.
Each Valuation List has a life of five years, the current list took effect from 1 April 2005 and is based on rental evidence as at 1 April 2003.
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