Empty buildings tax 'a threat to landlords'
Landlords could be subjected to a £142 million bill as a result of empty buildings tax.
The tax was implemented on April 1st this year and is designed to discourage people from keeping empty properties.
Figures from property consultancy firm NB Real Estate reveal that the number of empty properties has risen by over 20 per cent over the last two years.
"This empty rates tax was conceived when the property market was performing strongly but the downturn is heaping misery on misery," said Andrew Warde, director of rating at NB Real Estate.
Mr Warde went on to explain that properties are often left vacant due to high tax rates and little demand for the site.
New rules governing the empty buildings tax mean that property that has been empty for more than three months will no longer receive any relief from rates.
This news comes after a £60 million rescue package to overcome the issue of empty buildings tax was announced today (July 8th) by London mayor Boris Johnson.
It is thought that the announcement will go some way to delivering Mr Johnson's aim of reducing empty homes to one per cent of the London property housing stock.
Published 8th July, 2008
© 2008 Estates IT Limited
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Landlords could be subjected to a £142 million bill as a result of empty buildings tax.