Tax Relief For Landlords

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In his pre-Budget report, the Chancellor Alistair Darling pledged to suspend tax on empty properties for a year – an act that will help out many UK landlords in the short term.

Darling told the Commons that by removing empty property rates for buildings that pay less than £15,000 in business rates, 70% of all vacant buildings in the UK would be exempt.

Although this is just for the short term, the rental industry and commercial property industry hopes it will become permanent.

The government have already made tax reliefs for empty properties in April, which gave all unoccupied properties a three-month window to be filled.

Of course this is good news, but if you are a landlord the last thing you need is an empty property. If this is your situation, or you think it might be a possibility, talk to an adviser. Covering rents alone isn’t cheap, and the longer it stays unoccupied, the harder it is going to be to be able to retain the property.

Maybe selling the property is a necessity, or maybe just looking for some short term finance like a bridging loan is all you need to fill the space. Whatever you need, deal with it sooner rather than later.

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