Relief for property sector

Posted: 5th December 2012

The Chancellor of the Exchequer has announced several measures to relieve the gloom in the commercial property sector.

Commercial propertyThese include:

  • An additional £800 million to extend the FirstBuy equity loan scheme, the Affordable Homes Programme and house building.
  • Local infrastructure will see of £474 million of Government investment, including £60 million to be spent in Enterprise Zones.
  • The Small Business Rate Relief scheme will be extended to April 2014.
  • From October next year, empty property tax relief will be re-introduced. From 1 October 2013, newly built properties completed between then and 30 September 2016 which remain empty will be exempt from rates for 18 months