John Fifield has put together a consortium of 22 small/medium sized property owners who sponsored the Tax Payers Alliance (TPA) to produce a report on Empty Property Rates. The TPA’s key findings were:-
- Empty Property Rates will hinder a private-sector led economic recovery. Last year, empty rate relief was worth £1.2 billion to businesses.
- With high vacancy rates across the
, many landlords may simply to choose to demolish empty properties instead of paying the new rates. This would contract the fixed capital stock and make the economic recovery more difficult. UK
- Collecting Empty Property Rates also causes councils problems, with increased administrative and collection costs. And some are using taxpayers’ money to destroy buildings to avoid paying the tax themselves.
- Pensioners who are funding their retirement with rental income from a small number of commercial properties will also be hit despite receiving no income from empty properties.
- In opposition, senior Liberal Democrat and Conservatives were highly critical of the tax.
Click here for the TPA’s full report – http://www.taxpayersalliance.com/emptypropertyrates.pdf